No idea regarding the initial medical. I haven't heard any thing on the grape vine but then again, I am not really asking any more. You might want to ring them up and ask. The medical branch is very helpful.
One thing to consider though regarding Europe, UK and the JAA is actually living here. If you haven't done so already, it would be wise to visit the UK (and do your medical. It is slightly different to Oz).
While a jet job is great, you aren't at work 24/7 (although for some loco's it feels like it) so you'd better have half an idea what's it all about before taking the very expensive plunge and moving continents.