so if I get an faa class 1, I can then get a jaa class 1 by renewal? wow.....
Only if you get yourself an FAA CPL first.
I happen to know, from more than one occassion, that the CAA are exceedingly economical with the information that this is possible, never disclosing it themselves.
This looks like a damn good reason for getting an FAA CPL as an insurance policy against the future. There are very few things for which an FAA CPL is useful in the UK (due to ANO Art 140; the ban on aerial work).
This method opens the way to a JAA CPL/IR or a PPL/IR, for people who fail the JAA Class 1 initial but pass the JAA Class 1 renewal; true for many people with one out of spec ear for example.