Yes, You can swap both ways.
Yes, you can grab a week with weeks exchange and have them switch it to points or grab a week with points and have them switch it to a spacebanked week. I have done this a few times with both confirmed exchanges and exchanges on hold.
The only issue with switching a points-for-weeks exchange with a spacebanked week is, that your spacebanked week must have sufficient VEP to pull the exchange week.
Of course you cannot do this with standard points exchange. However, I have seen point resort weeks in points-for-weeks search. This is because many resorts started out as weeks resorts and later joined the RCI Points Program so, there are weeks at the same resort that can be exchanged with a standard points exchange and weeks that can be pulled from the RCI weeks program with a points-for-week search.
An example of this is Wolf Creek Village in Eden Utah, which is in the RCI Points Program. I pulled an exchange from the points-for-weeks for a March 2005 week 12 for 40,000 points. They also had a week available in standard points for 47,500 points. The week in the points program could not be switched with a spacebanked week, but the one I pulled for 40,000 points could have been swapped with a spacebank week.
An example of swapping a spacebanked exchange for points is:
I had a week exchange for 3br week 50 in Orlando that I had exchanged in the 45 day window with a cheap SA week. I called RCI and asked if they were able to swap my SA week used in the exchange for points. They were able to put my SA spacebank back and used 7,500 points instead. I did this because the SA week was a strong trader in the week system and was of greater value as a trader. I did not want to waste it on a 45-day window trade.
An example of swapping a points-for-weeks for a spacebanked week is:
I pulled a 2br Galleon Resort in Key West Florida, for 2006 week 50 for 57,500 points. I had a special type of bonus week spacebanked that could not be used in an on-line search. So I called RCI and asked if this bonus week had enough trade power to pull the Galleon Resort exchange and it did. So they put my 57,500 points back into my account and used the bonus week instead.