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Some things to think about...
Is most of your travel international or domestic?
If it is international travel do you want to spend a lot of $$$ to reach WP just so you can use the First lounge or what other WP benefits are you wanting to use?
Do a rough calculation as to how much it would cost to obtain WP, then calculate how much it would cost to retain WP.
If you really, really want lounge access is it not enough to get to SG? You have access to the QP domestically and the J lounge internationally.
Depending on how quickly you earn FFP would you consider purchasing Classic awards in J for your travel? This way you have J lounge and priority boarding for your
flights.
Yes you can go from PS --> WP in six months but do the maths to see if it is worth your while. Think about what is more important to you time at home in your own lounge or time spent in an airport lounge?
I am a SG and I find that the basic QP lounge access etc is suitable for my needs. As I am self funded I don't accumulate a huge amount of points, in the past I would save my points up and go on a holiday (JASA). Now that the ASA's a no more I am either going to use my points to purchase a Classic award or I will go into the upgrade lottery, I haven't really decided but I will figure out how things pan out for me with a little trial and error.
In your post you mention that you have been stuck on Silver for over a decade. Do you fly enough to use the benefits of WP given the cost of getting WP? Silver is the infrequent, frequent flyer. If you push for 700 SC this membership year then getting 600 the following year may be achievable if you are consistently around the 550 SC/year mark. So maybe reaching for Gold would be worth it but WP may be difficult or expensive to keep.
Average out the number of SC's you have achieved over the last decade and look at how much travel you look forward to (realistically), e.g. there is no point factoring in ten overseas trips when you only travel overseas once every ten years unless your travel plans are going to change in the near future.
If flying is your hobby and you have the time and $$ to do it I would do it in a heart beat, go for WP!
Are you are going to treble your flying (well nearly treble i.e. from 555 SC to 1400 SC to obtain WP)?
Just some things to think about. HTHS.
What sort of value would you put on it? Perhaps Qantas can sell single guest one time use passes for $150-$200 each.