If based in UK I'd want some BA points, at least for short haul awards, and chances are you would accrue more miles crediting to BA than QFF (unless flying on QF). I'd rather spend 7,500 Avios + 20 GBP than 14,000 QFF points + 50 GBP (eg one way MAN-LHR-FCO). Once you have LTG it is worth using one or several programs to match your needs, not just blindly continue with QFF, especially if based outside Australia. That's the philosophy I've used since moving to Singapore as a LTG (at least once I lost WP).
Also from experience as LTG, lounge access usually works OK. One concern is lounge dragon not admitting to lounge because gold status not on BP, or having a card without expiry date! Although this can be managed coughbersomely by changing it, entering lounge, and then changing it back.