Are you sure you need to book 2 separate awards to get from JFK-TLV?
In that case you're right, the only good thing will be when they join OW to have another redemption partner to TLV and MLE.
when I got the email this morning about this I went to their website cant get much info unless you join them, but it did mention in numerous how 7500is all you need for afree Flight (not free trip as a trip is 2 1 ways and a flight = 1 1 way).
I could be wrong (wont be the 1st time) but all I did was add a midhaul and a longhaul together, since everything is based on starting in Europe, maybe they will give a little disc for a US-Eur-TLV and I would assume that they will have to accept OWs baggage allowance for OW elites, but if a person isnt a OW Elite then look out at those fees for the bags that Im sure are there as well as other fees as thats what makes the LCCs so profitable
BTW go the their Home page You cant even purcahse a JFK-TLV tkt! so try starting in TLV and they wont sell U a tkt to NY. thusly why I felt you would have to add both a mid and long haul flights together since if they will only sell you a US-EUR & EUR -TLV as 2 tkts then thats how they probably for now will have their Award tkts set up as well