You can't possibly think that treating a 767 licence, soon to be obsolete is the same as a full B1.1 guy with a A380?
How about you forget about the licence and think about the person.
The only people who will want "last in first off" are the old timers, hoping they will not be low on the list. I bet the attitude changes when the 200+ go and its time for round 2.
The real truth is, the only people who don't want LOFO are the ones who WILL be on the list. Seniority is the fairest, in a unfair situation.
VR and no CR is the only real fair way!
Where does it say specifically "last in first off"? 55.7.4 service with the Company could be read as "well you have been around a long time so see you later"......
It doesn't, so why ask?