I'd actually suggest bumping the QFF status pax would make more sense from a business perspective. They're loyal customers, like one of them above who said "cough happens, it's only a 3 hour flight". These people will keep coming back to QF for their lounge access, points and SCs, regardless of how poorly they're treated.
Meanwhile the infrequent low revenue traveller could be someone who's trying Qantas for the first time, maybe seeing if the higher price is worth it compared to their usual Jetstar or Virgin flight. If it all went well, they might change future bookings to Qantas. But after something like this they're now unlikely to choose to pay a premium for Qantas again.
Or maybe this is where QF can be proactive and communicate to their status pax that the flight is overbooked and they can be offered extra points or SCs to take a different flight
