Just an update to the way the program works in practice, after discussing with a consultant:
While they will match the points requirment to a classic award, the amount of extra payments (under the taxes/surcharges banner) is closer to what you would expect from a ASA. Basically the points are used against the commissionable charges, while non commissionable items end up as 'taxes'
In addition, there is a $45 booking fee from pinpoint to pay.
All in all, while the points are the same, you do end up paying more in TLC, compared to a Classic Award.
From a charging perspective, your card gets charge the TLC, plus a conversion of the points amount a 1 point = 1c. So, if the redemption points is 30000, an amount of $300 will be also charged to your credit card. At a later point (2 weeks), the 30,000 points will be taken from your rewards account and a $300 credit will appear on your credit card.
(And as I understand it, you will earn points on that $300 as well)