Yes, and just did it. LOL!
Used up a ton of my airline miles for 2 FC tickets (I'm on east coast). Couldn't get award saver rates, but got "next" rates. But I'm booked out in Feb. of 2018. It's much harder (IMO) to plan award travel at any saver rate, so I took what I could get and we'll deal with the timeshare exchange issues later. Worst case, I'll book a hotel. Unfortunately I realize this DOES put me at a specific week for Maui, but oh well. Honolulu isn't a problem (I can get that with Hilton), and we have friends near Kona to stay with.
Coming from the east coast (not out of JFK), there are no "great" deals to Hawaii. Ever. Prices are almost always the same. $1200 roundtrip for coach or $2200-2400 for FC.
I would say a big "it depends". If you can fly out of LAX or west coast with fairly flexible dates, then I'd probably secure the timeshare first. If you're like me and kinda restricted on the Award travel (I didn't have the points for full value award travel), and it's almost a year away, then I don't see much risk for booking tickets now and waiting. I would (and do) have a backup plan for a hotel.
I might also suggest that you could look at the TUG ads for exchanges and maybe work something out directly with another TUGer? As opposed to waiting for RCI/II/whatever.