Remember, the QF award allows not only JFK-LHR, but indeed on BA metal it allows one to fly to pretty well ANYWHERE in Europe or North Africa that BA services.
The actual First Class award IIRC cover 10,000 miles of flying of your choice. If transatlantic to LHR is Concorde both ways, then you go Business class to St. Petersberg, or Morocco or wherever.
We did the Concorde flights in May using QF points. A great experience. Go for it.
(n.b. - in hindsight we would have done Concorde one way, and BA 747 sleeper bed First Class the other.)
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Glen ~
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