There is no regulation that says you have to keep anything current. An MEIR wouldn't get you a GA Job by itself, and you would be competing against many more experienced guys for those few that actually exist.
To a low hours pilot an MEIR is really only useful as a stepping stone. Regardless, IMHO it's better to save the money and get an SEIR, then do whatever training you need for the MEIR when the time comes, rather than the bare minimum every year. Unfortunately a 'new' qualification can have more perceived value to certain airlines than one which has been revalidated for several years.
The bonus of course, is that if your first IR is an MEIR you need to fly 15 hours IR in a MEP. However, if you do the MEIR as an add-on IR, you only need a minimum of 2 hours MEP.