kengineer,
as sherzo says...some would take this course of action..ie renew by flight proficiency check again....it might be a cheaper option, but bear in mind, if you have not done at least some hours and brushed up manouvers again, in my experience as an examiner , you are unlikely to be proficient enough to pass. that could mean a partial ( in which case you need to reapply with the additional cost that brings ) or a full fail ( unlikely ) with even more cost applying for a retest...
i have a friend who flies ATRs. he likes to keep his SEL and SEL IR alive but does'nt have the time to do the necessary in singles so he opts each time to take the flight check, but as he is flying constantly ( though the single is different ), and so he never has a problem passing it.
some do a few hours to brush with an instructor and take the flight check, but thats a personal choice. doing the required 12 hours and the hour with the instructor in that is, to most people, satisfactory.
with the cost of aviation these days and temporary draws on our resourses situations like yours are unavoidable, but remember the requirements are there to protect you ( and those that fly with you )
good luck.
the dean