Very wise words, Wiggly!
I, too, am no longer current on type and there is NO way I would pay for a recurrent unless I was GUARANTEED a job, in writing, plus the terms & conditions as outlined in the original ad - incl. time on/off plus travel in their time, not your days off!!!
These so-called "wonderful" opportunities are all one-sided and as you say, if you flunk the Chinese astronaut physical, then you are screwed both financially and job-wise with a TOTALLY useless piece of paper.
I would hang tight if I were you.
Wait a month or two when they are desperate for crews and then you'll see the ****NEW & IMPROVED FLAVOR** ads come out with much better terms ...................seen it a dime a dozen with agency ads every week and on flightglobal.com It always means one thing - they had to improve the package considerably because no one was applying and taking the bait.
Besides, even if you got current, you will still have to go through their own course of indoc, SOPs, bits and bobs just like you do with every new airline you work for. This is only a means for them to save a bit of cash if enough people bite. Wait it out or choose an operator that values its crews with what they have brought to the table.
Also, ask yourself, why are they still operating a 747 classic freighter when most of their competition is now using 777, -400, 747-8 aircraft now. A lot can be told about a company before you even step on their soil.
Good luck on whatever you decide.
VP