The route you are describing is very rare in Europe. To 'sit' in front of the F/E panel you need to be a F/E ! Some F/E's have converted to becoming pilots and successfully got jobs. However the experience levels (as a pilot) will be the same as someone who has just finished a cadet course.
As an employer (which i am not) i would certinally consider a ex F/E before a new cadet although it would depend upon the experience and age of the pilot.
S/O's in europe are type rated for the aircraft and usually sit in the RHS during cruise (above 20,000' ) whilst the F/O or CApt are on rest. They do not handle the aircraft below 20,000' feet. Also the only airlines that i have known to take them are Cathey, Singapore and Virgin Atlantic.
Some airlines, hire F/O's but call them S/O's until they have reached say 1500 hours. Basically this is a way to pay them less?.
BB 