I love it when you posts start off innocently and end up in a rant
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Anyway, I'd like to pitch up with afew ramblings from a bored mind. The way I see it is that you have three options, all of which you've listed.
Option 1) Sit and wait for a company to accept you as an FO and pay for your type rating (albiet as a bond). We all know that things are picking up at the moment and people are moving on to bigger and better things. The only company that will consider you in this scenario is one that is losing pilots that it cannot easily replace. Look towards the turbo prop/ air taxi/general aviation market, particularly regional operators. Try to set your sights a little lower initial. Sure, we all would have loved to strap a 747 to our derrieres as a first job, but it ain't going to happen.
Option 2) Go and get a type rating. Well, this has been discussed to death on this forum and yes I agree that it seems the norm rather than the exception. People will tell you that if you get a TR yourself you are contributing to the rot. And yes, they are right but life isn't fair, nobody owes you a living just because you got through training and sometimes you have to make you own luck. But, what makes you think you will get a job just because you have a type rating? It's a gamble at the end of the day and the odds are not in your favour. Plus, having a shiny jet type rating on your licence and you can kiss goodbye to any kind of TP job as the Chief Pilot will know that you will jump ship at the earliest possibility, if only to help pay off the 20 grand debt.
Option 3) Become an instructor. It certainly hones your flying, making any future sim check a wee bit easier. You build hours quicker than any other way known to man and it is very rewarding, frustrating and certainly challenging. It puts you into the industry and you end up making lots of contacts (most useless but hey!). However, you must question your motives as it seems that your heart is set on flying jets. Remember at the end of the day who is actually paying you to fly and you should be able to give them 100% of your attention. If you resent the fact you are an instructor rather than jet driver, don't waste your money on being an instructor.
In your situation, I would avoid option 2 at all costs. You already have a debt to service, can you afford to up that by another 20 grand? Unless you have a definite job at the end, don't pay the money for a type rating. Look to become an instructor first, if you can apply yourself to your students. SEP hours do count. Although, I have heard that only about 1000 hours are considered useful to employers (could be wrong, just what I have heard). You'll be in the right place to hear any little tips and more importantly your face will be known. Also if your in an interview and the Chief Pilot asks "When did you last fly?", the answer "Yesterday" sounds much better than half a year ago.
If you would rather do option 1, then as Hesletine said "Get on yer bike". First, spend a few hours in the air to get you back into the swing of things. There are three TP operators that I know of that have just finished/about to begin recruiting people so the work is out there. Try to target a select number of companies you would like to work for. Go and find some of the people that work for the company, buy them a drink and gleen as much info as you can. Write a unique covering letter geared towards the company in question. Nothing annoys more than a generic CV with a bland covering letter.
Don't get disheartened, if you want something badly enough, it will happen in the end. Just a few ramblings from an ex-FI whose office is mostly now at FL5 and below.