I can confirm that, with the Priority Card (top tier for those reading along, the $229 AF card) you can book preferred seats for yourself, the rest of your party, and your CPs at time of booking. I currently have flights booked for April and was able to select all of those seats based on cardholder status. It caps out at 8 additional passengers (9 total travelers) for this benefit.
I have not yet had a flight that hit 48 hours, so I haven't gone through the 48 hour upgrade process yet with this card type. Presumably, it depends on how full the flight is, how many other folks with status are looking to upgrade, etc.
