The FAA license is good for most parts of the world however, it isn't much use for Europe.
If working in Europe on a member state aircraft, you'll need to convert it.
I'd start working on the JAA ATPLs part time. Plan to take 12 months or so to do it. Then work on converting the flying part. By the time you've done all of that, it should be about 18 months down the road so to speak. Much better idea of how things are going economy wise and you'll be current and in a reasonable chance of finding something, given you're not a "brand new pilot".