Sydney to Rome and Dubai to Sydney - What options do I have with Qantas and Velocity points for first class?

Just planning for our Europe Oct 2018 trip and want to get ready to book award flights.
2 adults with approx 500,000 velocity points and approx 480,000 Qantas points.
So many choices but wanting to try first class one of the directions.
Would love to hear peoples suggestions on which carrier and direction is best. Want to experience all from the lounge, inflight service, food and showers.

I think you may have enough to do First Class both ways for 2 with the total of your points.

For Qantas pts, I would recommend Emirates. (high surcharge/tax but worth it especially if you enjoy drinking).

For Velocity pts, I would recommend Singapore Airlines. Etihad Apartment only if you want to tick it of as a bucket list item (but it involves high cash surcharge).

Thank you for the reply.  We wanted to save some up for future travels so that is why we only want to do one way in first.  I dont drink but I might have to take it up. We are going on 2 all inclusive cruises so really they make money on me and drinks!

What direction would you recommend for the Qantas points and again for the Velocity points in terms of the best lounge experience?