Need4speed-
Sodapop and redsnail pretty much said all the correct "skinny" about you converting your ratings - just a couple points from my perspective - (been in this business for 25 + years).
1 - had a "Fed" on board one of my flts to BRU last year - she was the FAA rep in Brussels working on the FAA/JAR/ICAO agreements- I asked her about converting my ATP plus type ratings - and the first words was "why???". I said in case I want an early retirement job. She said it wasn't worth the hassle - My ratings were good anywhere because if somebody really needed my experiance they would do the paperwork. Besides alot of the agreements were more on a political level -so everything is subject to change - look at the EU's decision on changing cabatoge ie: open skies agreement w/ the US recently.
2. Had some friends go to work in Europe during the mid 90's w/ FAA certificates - They all got jobs - through employment agencies flying DHL frieight or commuter a/c- BUT They were all type rated w/ plenty of PIC time on type. Thought of taking a LOA then and trying it out - but it was a paycut at the time and w/ the usual ex-wifes etc it wasn't feasable.
3 - So my advice to you would be keep instructing for now - I see DAB is your home - so I guess your w/ Riddle. Also while you have money coming in and are saving for your weddding and honeymoon- apply at some commuters like Gulfstream, Comair etc. I will tell you this - it might be a pay cut, but at least you could get some decent Turbine time and possible a type rating out of it. Also w/ the only growth in the RJ and Low cost carrier market - jump on those - for even though a carrier like Jet Blue cant fly you to Europe, it will be a while before we will be hiring in the majors. At least you can make somewhat of a living w/ the domestic fleets and you would be flying in equipent that would build your resume up.
Listen it is not that dismal out here - when I started you needed 3 lunar landing and an endorsement from Neil Armstrong just to get your foot in the door with a major. So if the only growth is in the smaller fleets, jump in no matter where the job is just for the experiance for that is what you need now more than anything.
If the wife wants to go back to the UK- well in some ways I don't blame her, for the English countryside is some of the most beautiful land I have seen on this planet, but the reality is there isn't much flying going on now at least for you at your level there.
Get on with a small airline that you can get the experiance and maybe with pass benefits and jumpseats you can visit alot or do a long distance commute. (believe it or not I have seen people commute from half way around the globe for their job- including me a one point)
Then when you get a type rating or two - you can apply for a position maybe closer to where you and the Misses want to be. Besides maybe the political types will have a decent agreement worked out by then. Or stay here and maybe the Majors will be back in full swing. Since most of my group will be retiring in the next few years.
Whatever you do -remember - it is not dismal - just a little more challenging - so hang in there - the jobs will return.
S/ CSL