the one hour with an instructor can be in an MEP as opposed to SEP and could be my ME/IR revalidation ride?
No and Yes!
One hour with an instructor in an MEP does not count towards your SEP revalidation. If you complete a licensing skill test or proficiency check on any class or type inc a B747, it exempts you from the requirement to complete a one hour instructional flight as part of the SEP revalidation.