Not sure if you are willing to consider Cathay Pacific as a very good alternative?
I have just gotten to Norway via HK and Amsterdam on Cathay Pacific. There are 4 of us, but my younger daughter is only 1 though.
As per nlp28’s response, we decided to buy Premium Economy return SYD-HK and use points for 3 people in Business class from HK-AMS and paid the infant ticket the same flight. I originally used points to secure Premium Economy on that same leg but waitlisted for Business Class and we got it.
The HK-AMS leg in Business on the new A350 was awesome. New seats, new menus, new entertainment system (the most responsive system I’ve ever encountered)
For the return leg home, AMS-HK is myself and my older daughter in Premium Economy on points whereas my wife is Business Class with our infant (points plus infant ticket price). HK-SYD is Premium Economy (paid tickets).
Cathay Pacific (Asia Miles) is really easy to search for flights and waitlist yourself.
I haven’t had any experience with Velocity points redemption so good luck!