Sorry, I can't remember what the exchange rate was. It was just that I had no better use for the GGWU points. BTW those points are useless after GGWU and don't subtract from your other points. Make sure that any free play is at the casino you want and in the denomination you want and check the expiration date too.
As far as linked/associated accounts, you just go to a TR desk in Las Vegas and tell them to do it. FYI accounts are not necessarily/linked or associated in other locations. As far as a reduction in mail offers or room comps, I have not seen any decrease. My wife is Platinum and I am Diamond. She gets some offers that I do not get and vice versa. I have had no problem with booking a comp room even if she already has booked a room using her offer.