Starting today through May 28, you can buy points with up to a 75% bonus:
If you can only redeem points for 1.2 cents per point, but have to pay a minimum cost of 1.57 cents per point, you're never going to come out ahead. It makes more sense to take your $1,650 you would spend on points and buy the revenue tickets from Southwest - which will earn your redeemable points as well as progress towards status and the Companion Pass. Purchased points do not count towards A-List status or towards earning the Companion Pass.
The only time I can think where it would make sense to buy a revenue-based loyalty program's points is if you're just short of a reward and need to top up an account to save yourself considerable money. Even then, a savvy TPG reader would have a stash of Chase Ultimate Rewards ready to be transferred over to your Rapid Rewards account so you don't need to spend any money to top up an account or get a Southwest award flight.
75% is a good bonus, but the math still doesn't work in your favor.
