jlsullivan, welcome to Flyertalk.
Originally Posted by
jlsullivan
I am planning a vacation to Rome from 4/26 to 5/4. I have 200K AA miles, but there are no seats available for miles.
You don't say what sort of award seats you want (business, coach or upgrade). I just did a quick search and you can book the dates you want in coach on the JFK-FCO non-stop and then FCO-LHR-JFK on the return. Remember: there are people who have planned/booked award trips 330 days in advance, the key here is a bit of flexibility.
Originally Posted by
jlsullivan
The best fare I can find online are about $875 per person. Any hints to sharpen the price--should I wait and see if the fares come down or buy now?
Late April/May is a highly desirable time to go to Rome. Hence the 875 is a very good fare. IMHO, the fares will not go down. As an alternative, you might consider foregoing direct flights in favor of changing planes, sometimes this can save $$.
Originally Posted by
jlsullivan
Is there any chance of upgrade if I but an AA ticket in coach? I have over 40 upgrade segments, and can never seem to use them(I'm Gold status)
You can upgrade using miles + copay (provided there is availability). The upgrade segments you currently have are only valid on AA domestic segments, and while AA "domestic" covers a broad geographic area, they will be of no use for Transatlantic upgrades.