LOKE,
I see what you mean about that last "OR". I suspect you may not find anything that will definitively settle the meaning of that "OR". Did they really mean "AND"? You have to wonder why they would require you to declare an alternate that meets alternate wx mins and then allow dispatch when it does not. Contradictory. Read the first two pages of the following document (part of the air carrier operations inspector's handbook) and let me know what you think then.
http://www.faa.gov/library/manuals/e...3/3_006_04.pdf
Pay particular attention to section 1233(F).
Hope this helps.
Best regards,
Westhawk