Looking for advice: Should I use the companion fare or the 25k voucher for Alaska tickets?

Round trip from SEA to PVR, the dates I want to buy are about $630/person round trip, on Alaska. Right now I have one companion fare and one 25k voucher. If I use the companion fare, the two of us pay a total of $630 + $319 = $949. If I use the 25k voucher, the two of us pay a total of 45K+20K=65K miles + $169x2 = $338 in fees. The fees are so expensive. Comparing the two, that's equivalent to 65K for $611, which works out to less than $1 of value per 100 points. Isn't using the companion fare more worthwhile? If Delta ticket prices are about the same, then if I can get a companion fare for under $100, wouldn't that be more cost-effective? I don't know what Delta's fees are like, but Alaska's are really expensive.