Welcome to pisting.
First, if your wife is on the same booking, and you put in the request, your WP status will apply to both. If Wife is on a separate booking, that is very different.
You didn't specify if QF1 was SYD-SIN or SYD-LHR, but yes it looks pretty good at this point.
The more passgeners looking to uograde in a booking, the harder it can be to satisfy with available seats of course.
However, in this case, with paid PE seats, you have a leg up over those in Y due to that alone.
Plus, it is a cascade effect, if QF free two seats in PE via uograde, then those coukd go to Y pax upgrading - if J fills. Same with upgrading J to F can open those seats.
It certainly looks promising in this case - but of course the WP upgrade window will not open til 72 hours prior so you won't get a better idea til then - and there are no guarantees.
Enjoy your trip.