Hola 747DieselDude -
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The following info is valid for US/FAA (or Argentina) licencing... Certainly, other Ppruners will provide you with info concerning JAR requirements.
xxx
Do your CPL/IR/ME first (if you want to, start with a PPL).
Will take you about 250 hours flying, possibly some 6 months or so.
Then complete the F/O training on the type aircraft you presently fly.
Is it a 747-200/300...?
It is easier to study the airplane type you are currently flying.
xxx
For your information, here in Argentina, we are retiring our 747-200s in 2008, and many of our F/Es, rather than retiring, did take the option to qualify as F/O, which they did as I described above. Some have now transitioned on the 747-400 we operate, and are "cruise F/O", and as the "third pilot of the crew" they basically continue their former F/E duties with the 747-400, that is paperwork, logs, fueling supervision and aircraft walkaround. They are present in flight deck for start, takeoff, approach and landing, and participate in some checklists, and operations communications, exactly as they did in the 747-200s.
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Since our flights in the 747-400 are long and required a third pilot anyway (because fights over 8 hrs, and duty up to 12 hrs), it was the easiest way to supply ourselves with technically well qualified crewmembers, and they are now acting as F/O during cruise, with the other F/O who is now "captain qualified", while the captain rests. And dont worry, you can rest too when your turn comes...
xxx
Mentioning to you also... Up to 500 hours of your previous F/E time, can be credited towards the total of 1500 hours required for the FAA/ATPL. Welcome to the "window seats", and in the 747-400, you face forward, not sideways. So if ATC says "traffic 12 o'clock", dont turn your head to the left.
xxx
Any further questions...?
Happy contrails