does Velocity provide an opportunity to redeem points similar to *A & OW RTW package opposed to full redemptions per sector?
Nope...
All VA redemption bookings are priced per distance with stopovers not permitted.
Would be interested to know the redemption pricing for SYD-HKG-LHR-JFK-LAX (Open Jaw) - SYD.
If it was each segment the following pricing would apply:
SYD-HKG - Y 27,800 / J 59,500
HKG-LHR - Y 39,800 / J 83,500
LHR-JFK - Y 22,300 / J 49,500
LAX-SYD - Y 44,800 / J 95,500
Total - Y 134,700 / J 288,000
By only stopping for 8 hours in HKG (between the VA and VS flights) you could price SYD-HKG-LHR in one go...
Y 59,800 / J 127,500
LHR-JFK - Y 22,300 / J 49,500
LAX-SYD - Y 44,800 / J 95,500
Total - Y 126,900 / J 272,500 (savings of 7800 in Y or 15,500 in J).
Even if you added in the DL flight from JFK-LAX
JFK-LAX - Y 28,000 / J 53,000
for a total - Y 162,700 / J 341,000
Compared to other programs it can be considered expensive of cheap (depending on if you look at Y or J redemptions).
Krisflyer - 180,000 KrisFlyer miles in Economy Class or 240,000 KrisFlyer miles in Business Class.
Qantas - 140,000 points in Economy Class or 280,000 points in Business Class.