Crikey tmahon, where do we start?
Believe it or not at your age, the cadetship may not be a bad option. What you need however is be comfortable with the results of your decision.
REX F/O's are paid approx 20% below the national average wage! If you are sucessful with the cadet program, you may be an F/O for a very long time. A long time could be around 6 years, or it could be permanent! The wild card in all of this is the required 500 hours multi under the IFR, something that has yet to be addressed.
If you are sucessful in attaining a command after 6 years, bearing in mind you will need a Class 1 ATPL, then I reckon at your age you'd be way in front. At one stage not long ago, 6 years was the average time to command at many large regional airlines anyway.
On the downside, your lack of command time may limit your options if you decide a career with REX is not for you. As far as paying out the bond and moving on, well I suppoose that would depend on how much of a financial hit you are prepared to take.
With regard to the "WOMBAT" test, maybe someone else could provide the info. When I started with the regionals, the emphasis was on compliance and flying skill!
Best of luck,
Krusty.