I have been through this scheme and I can tell you that I was the only one of the people selected that actually had the full hours requirement. The rest ranged from 100TT and up, don't let this stop you from trying for it, Cabair will be quite willing to consider you if you can prove that you have the time and the money for some quick hour building, normally in the states.
As an instructor you will earn anywhere from £11,000 - 15,000 tops, as with the wage at buzz nobody knows as up until now sponsored pilots went to KlmUK onto turboprops and a wage of abourt £21,000 per year, buzz should be more because it will be a jet job, but who would know.