There's is a thread nearly 10 years old now, something like "the great AAdvantage challenge".
In it, it was mentioned it may be better to convert AX ~67000 MR points to 20018 SPG and then to 25000 AA. I calculated at the time back then and still believe, that at the time, QFF was better.
Now you only need 40000 to convert to 25000 SPG (Promos not withstanding) and IMHO, since July 1st, the redemption value of 25000 AAdvantage mile exceeds the redemption value of 40000 QFF points.
If you can achieve an AA Platinum challenge (A $1700 PE fare SYD-HKG return will do the trick) and the minimum earn plus status bonus on AAdvantage gives 1000 points on those O, Q, N, S fares between MEL and SYD. Not E - one just needs to suck up those 800 QFF points to put with EDR earn.