I wouldn't take a168,000 (not 167,000) contract deeded to Bonnet Creek unless you need the ARP for Bonnet Creek. The maintenance fees there are $6.22 per thousand, which is pretty high. A Grand Desert deed is easy to find on Ebay and the maintenance is only $4.87 per thousand. Everything at Bonnet Creek can be booked at the 10 month mark except for holiday weeks, or if you want a 4 bedroom presidential. Even then, 168,000 points won't get you that unit anyways. You don't stand any chance whatsoever of trading into DVC in Cali with Wyndham points, but the Anaheim property is pretty nice. Dolphin Cove is outdated.
If you live in California, you may want to consider WorldMark. WorldMark has lower maintenance fees than Club Wyndham and is concentrated on the west coast. I live an hour from WDW and have been to every WDW resort and honestly, I find Club Wyndham a better deal. I can stay at Bonnet Creek in a 2 bedroom deluxe using my Grand Desert deed during Food and Wine for only $616 a week. A DVC studio for a week is about $1,000 if you factor in both buy in costs and maintenance fees.
If you buy 20,000 Worldmark credits instead of a Club Wyndham membership, a week in a 1 bedroom in Anaheim would cost you $1,045 and a 2 bedroom would cost you $1,286. If you used Club Wyndham points deeded to Grand Desert, a 1 bedroom would cost you $1,170 and a 2 bedroom would cost you $1,440. If you were deeded to Bonnet Creek, a 1 bedroom would cost you $1458 and a 2 bedroom would cost you $1795. See what I mean about Bonnet Creek being a crappy deed unless you need the ARP?