Yes you can book OKW and then Set up your waitlist. It will ask you if you want to cancel an existing reservation when you set it up for AKL. It will also ask where you want the points to come from if there is a point difference as well as how long you want the waitlist to last 30 or 7 days prior. If it comes through it does automatically cancel the existing if you choose for it to. You don’t have too, but it would depend on how many points you have, when your banking deadline is and if you don’t want them to go into holding.