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Maximizing the value of e-certs - logic check

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I have two e-certs - good for travel from the US to Europe, Hawaii, Micronesia or South America - in BF (must be a P fare). I was planning on using them for two BF flights IAH/HNL - but on reflection this seems a waste because I can purchase pretty reasonable flights (in Y) to HNL and use RPU's - it seems pretty easy to get R seats and get UG'd at booking. Is my logic correct that using these for Europe or another destination with fewer available R seats would be better value?:confused:

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