May I just say that I sympathise with Malc and his frustrations with the system of converting licenses. However, when it comes to it, if you really want to fly, and I think if you've come this far then you do, you're willing to do just about anything to do so.
The cost seems astronomical, but it's true to say that most US college graduates spend in the region of £40000 on a good college education, so it seems we all get stung somewhere.
I too have FAA licences and a little over 1000 hours, was teaching twin, commercial and instrument students, and now I have to do my whole IR again. Big pain in the arse and bank balance more to the point. I reassure myself with this:
a) there's a huge shortage of pilots here as well and so pilots have a huge bargaining advantage for better pay etc. Therefore, when we do get hired we'll be well paid.
b)Most US grads start out in the commuters, earning peanuts I'm told, about what I earned as an instructor. Where as here there is more chance you'll start on a well paid jet job.
c)I told all my students this is a frustrating and expensive profession and you need a lot of determination to succeed, don't lose sight of this.
Remember as pilots we are invaluable and the rewards will come, eventually, even if it means you have to beg, borrow and steal to get there.