In a word -- no. It must be QF points on QF metal. Get in quick - the request for upgrade window opens 90 days prior and if you have high status, you trump those with lower status.
Sorry for my ignorance, but can you get confirmed upgrades 90 days ahead of flight? I was told by QF a few weeks ago that all QF FF Upgrades are now on "standby" basis, i.e. only done at the airport on day of travel. She claimed this has been the new rule for about a couple of years now. Have about 100k QF miles (mostly earned on BA/AA/JAL) and was surprised to hear this.
Again, sorry if this is old news to you guys, but was just wondering what the upgrade time window is