I was in exactly the same position as you guys. As a rock musician, I suffered hearing loss in both ears, and as a result when it came to my initial class 1 I just came within revalidation standards.
Now here's the interesting part:- the CAA (apparently no other JAA state) can issue your class 1 medical with a "deviation" if they deem that your hearing isn't so bad as to affect your performance in the cockpit (obviously as long as everything else is ok). After passing your CPL, you then go back to them and they will remove the deviation, all else still being medically sound. Bingo, regular class 1.
The above is what happened to me. I was absolutely terrified when the audiogram results came through, but from my experience these guys really DO want you to get through, and will be as helpful as is possible.
Hope this is of some help,
FT