I would say fly CO to TLV and earn Onepass (Star Alliance) miles. You can also fly USAir from PHL and earn Dividend (Star Alliance) miles.
If flying from EWR isn't an option than it's between El Al and earning AA (OneWorld) miles and Delta and earning Skypesos (Skyteam).
Dan you do know that CO is 1 of the most expensive Carriers to TLV dont you? the chance of an EQM being less then .10 cpm is not very likely and more like closer to .15
thats why Ive been telling those that ask me to use their Miles for a free tkt if they can or go to Orbitz and see who has the cheapest fare out of EWR,JFK & PHL and to contact an Agent to see if they have any Group fares. Its been a couple of yrs since I last purchased a CO tkt to TLV and I fly there at least 3 times a yr
* for the heck of it I just compared what I booked on UA.com with CO.com offerrings :
8/31 PHL-SEA on UA for UA flights via SFO UA wants $356 on CO for the same UA flights its $525 (CO codeshare)
then I looked at all CO flights via IAH UA wants $395 while CO wants $448 (thats a UA codeshare )