I ditto most of what Beverly said with AA except:
1. Call (don't go online) aa.com 331 days out (NOT 330!!!) after midnight EST. This is when FF miles first appear on AA. They DO NOT appear online until AFTER 329 days out. This from personal experience. Pay the 15.00 per ticket and call.
2. FF award ticket to Europe (saver tickets) are 40,000 miles. Beverly paid 90,000 for hers. That's more than double, not 1.5 times the price (OK, I'm splitting hairs---the regular mileage charge is different but I ONLY use the saver ones).
3. Not a dispute but this was strongly recommended to me by an expert---buy the cheapest "upgradable" coach fares and upgrade using points. You often have to use points AND pay a charge for this, but the net is many thousands (many, many thousands) of points less than an FF bus/first purchase. Plus, with upgradeable coach you get all those FF miles for the Europe trip added back into your account. This is cash out of pocket, but results in saving your miles for future business/first trips. This "expert" only flew first class. In your case, this might work for your 2 of the 5 tickets you need.
4. AA is changing their "hold" times as we speak. They used to be 14 days, now they are going down to a week, I think. It is still true, to the best of my knowledge, that you do not need the points in your account to make and hold a ticket reservation. You have to have the points before you purchase the ticket, obviously. We were also able to call and extend the hold before the expiration. AA is great to work with on FF awards. This is what we were told before we ever did this, why we established an account with them, and has also been my experience in a few FF award tickets with them. Easy to see what award seats they have online, too.
Oh yeah, all of our FF travel on AA has been out of PHL.
Also, we're going to Hawaii in 2 weeks, staying at our TS(s). Flying first class on AA on FF award travel, which was wide open when I called (at 331 days at 3AM). We have been before on coach and it did not kill me. I drive all the time in a car for hours and still love to fly (don't fly all that much) so flying is OK with me in any class. Not wife, however, so we're flying f/c for the first (and probably last) time. Too many points for a big chair and free booze, in my opinion. I'm happy looking out the window.