So if you want to do those things with a London Plus pass you would use a day on your arrival day with the Heathrow Express. Then one day going to Oxford and another back, and connecting with the Eurostar in London although that is not covered. And back to Heathrow after you return from Europe.
So that sounds like 4 days of travel?
My research tells me a 4 day flexi is $326 US. Or $81.50 per pass day for the three of you.
Heathrow Express can be as low as $15.40 per adult weekday or $7 per adult weekend, booked up to 90 days ahead, child is free. I don't know your dates of travel but if you look at the table of fares here you can see the permutations. Even the most expensive option of an Express Saver Return (called round trip in the US) which is a walk-up fare at $49.80 per person, child free, is only $49.80 per day - the pass is $31.70 more expensive for the two Heathrow Express days, and you can do so much cheaper.
For the trip to and from Oxford, a random date for a month from now for 2 adults 1 child (child is half price), several Advance (special non-changeable non refundable ticket valid on the chosen departure only) ticket times are available for £5.40 per adult each way and half fare of £2.70 for the child, for a total investment of £27 return (around $34.40 total for both days, less than a quarter of the $163 for using the pass).
To save all that money you do need to plan, and take an hour or so of your time until you are familiar with the system, but if you can buy airline tickets you can buy train tickets.
In your case, unless you travel is in the next couple of days, I wouldn't suggest the pass as a money saver.