Should I use Velocity points or convert to Krisflyer miles?

My wife and I are planning a return trip (from Perth) to Melbourne in February 2020 and also a trip to Italy in 2021. We currently have a number of KrisFlyer miles (which we intend to put towards our 2021 Italy trip, flying with Singapore Airlines) and a small number of Velocity points:
Velocity (me): 4,020 points
Velocity (wife): 6,675 points
My question is:
Should we convert our (combined) Velocity points to KrisFlyer miles (as part of our 2021 Italy trip) and pay (with real money) for our Melbourne flights?
Use our current Velocity points as part-payment for our 2020 Melbourne trip?

Points plus pay usually (9 times out of 10) gives you less value than outright redemptions as it is based off a fixed cents per point (cpp). Somewhere around 0.6-0.7cpp.

Converting from Velocity to Krisflyer or vice-versa is not a great deal too as it is 1.55:1 each way. It may be acceptable if it is a relatively small amount, e.g. to top up for a redemption.

Without knowing how many Krisflyer miles you have, personally, I would pay ($) or use points for outright redemption for Perth-Melbourne. I would transfer Velocity to Krisflyer only if necessary.