Bula,
A few of us have poured over the document. As it stands as a proposal, you'll need 1500 hours in a FAR 25 aircraft for it to be of any use.
If you don't have that then you'll still have to do the 14 JAR ATPL exams as soon as you want to put an MPA type on your licence.
126.9, I see what you're saying, however, bula wants to do a rating and then take it (with no hours on it) to Europe.
That's how I read it.