Yep, I knew that the Icelandic lot would give validations, infact all the JAR countries can do this, in theory one can get a UK validation, it's just that they don't need to. You would have qualified for a JAA ATPL anyway because you have more than 1500 hours of heavy jet/multi crew PIC time in your book.
Of course you are far better to get the licence of your own country, saves a lot of hassle, but I have managed to make a living for a while in the UK flying corporate N reg aircraft, it's much more comon than you may think. For many it's a useful way to bypass the slightly stricter JAA class one medical that would have grounded me initially. I now have useful turbine hours that I would never have got if I didnt have an FAA licence.
Happy retirement to you!