The old way....
Why not get an Instructors rating...? Do it part time as it hardly ever pays and wait for the market to improve?? Quite a lot of us did that the last time around and whilst instructing made enough contacts to get in to ferry, private ops, etc to keep the hours and experience levels going.
Also, if you have the time and determination to write so many letters then have you considered a road trip? Go knock on some doors, despite the majority probably telling you not to (me included up to a few months ago...) I've now heard of a number of guys who were rewarded for their initiative.
Sorry there's no magic bullet but try everything before going down that dark and disgraceful path of buying a job.
Good luck Kash.