What's your plan if the wait list doesn't come thru? You'll need a back up.
You could book consecutive 3 nights at another resort/view and then set up a waitlist at your preferred resort/view to replace those 3 nights. This guarantees that you have something reserved for them, albeit not an ideal situation.
Another option is to book the 2 available nights and set up a waitlist for the missing night. If the wait list doesn't come through, you've got a problem.
If you have enough points, you could book the 3 consecutive nights wherever they are available AND book the two open nights. Then set up one wait list for the missing night with the stipulation that it replaces the 3-night reservation if it comes thru.