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Two RTW economy tickets are 142,500 points each. The 20 month now will be about 27 months in May so will have to pay for her as she is older then 2 years. I think it is 10% but I don't have children so not sure. Prob max at 25%.
Depending on your status (Plat, Gold, Silver, Bronze) you will find various difficulties on getting your flights. WPs have the easiest time to get award seats and it goes down from there.
If you are a Silver (min) you get to change your DATES on the flights without penalty but not the places.
Since you are flying next MAY 06, you will find that many of the award seats will have been taken up. I would give the Qantas staff a call and tell them you would like to cook two RTW tickets with them, give them your MUST BE dates in London and see if they can work out a nice trip from:
SYD-LAX-NYC-LHR-ITA-Do some driving around and back to-ITA-SNG-SYD.
You will have to be very flexible on dates as May is relatively just around the corner.
Otherwise if you don't want to do a RTW, just try for the LHR return flight for 128,000 each. You will also need to be flexible but if the wedding is the priority then use the points to get there and then drive around up there.
Just realised you need to go to Singapore as well.
For the return bit, maybe you will have to pay a bit extra for the LHR-SNG and then SNG-SYD flights. It depends on the return fare conditions. When I last did it (2002) I could stay in SNG for 1 night without point penalty for my Hong Kong trip (MLB-HKG-SNG-MLB) as it was a stopover I deliberately put into my schedule.
Regards
Daniel
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