Although I wouldn't personally do this, I don't really get why it would be "unethical." No one is stealing anything.
And actually, this could be a great hedge. Last year, lots of people who booked values for free dining were upgraded to OKW and SSR, not just to studios, but to 1 BR's. You could book both, and if you found out you got the upgrade, cancel the DVC reservation and bank your points.
I don't see how booking the room will take it away from someone who "needs" it as Disney upgrades existing reservations to make way for new value reservations, so the value reservations remain available to book.
And actually, this could be a great hedge. Last year, lots of people who booked values for free dining were upgraded to OKW and SSR, not just to studios, but to 1 BR's. You could book both, and if you found out you got the upgrade, cancel the DVC reservation and bank your points.
I don't see how booking the room will take it away from someone who "needs" it as Disney upgrades existing reservations to make way for new value reservations, so the value reservations remain available to book.