I have it from a reliable source that over 70 Capt and First Officers are over the 900 hours limit at the end of June (unfactored), so from a managements perspective this FCN is crucial to keep the fleet going.
There is no doubt if the GCAA approves the FCN then it is legal, if they have not, then our managers are either stupid or negligent
The only thing the FCN does is place liability totally on the managers and company, so if a high hours pilot does scr*w up he probably can't be accused of violating the regs.
Discussions about 1000 hours have little importance as it is not reflected anywhere (yet) in the regs.