That very situation (200 hr FO in a medium jet) has been quite common in many countries for many years, as I'm sure Dick will be aware. Hours flown is only one of many aspects pertaining to a pilot's suitability to join an airline. A well trained 200 hr pilot who has completed an appropriate integrated course may well be more suitable than say a 3,000 hour bush pilot or instructor. Of course, you need very competent and experienced training captains, but the risks are quite manageable.
Here's an example of an integrated ATPL course provider, and the airlines who hire their graduates:
L3 Airline Academy