Managed to go through all but about $20 of the folio credit. A massage and two dinners with multiple appetizers and surf and turf at Sage Room and 19 Kitchen did most of the damage. Both restaurants provided good service and good food.
Just an FYI, when I went to pick up my Heavenly passes they asked whether I wanted them or Sierra passes (or one of each). I like that there seems to be a choice, but I was somewhat irked because I paid out of pocket for Sierra the day before. Sierra passes are only good at Sierra, but Heavenly passes are also good at Northstar and Kirkwood.
I got back in time to use the $500 Celebration Dinner with friends at Gordon Ramsay Steak at Horseshoe Baltimore. The waitress kept us updated on our running total, so it was easy to take full advantage. An alternative would be to buy a bottle or two of wine to go. Everyone had a great time.
Thanks all for clarifying the rules. I got great value out of the 7* benefits just under the wire.