Wannabe,
Sorry to dash your hopes, but I would suspect that without some form of corrective surgery and then a review by the med board at OASC, you might be seen as too much of a risk. And when the intake is as low as it is, anything that makes you stand out as a risk will count against you.
I speak from experience having dislocated my shoulder 3 times. After investigations the surgeons decided against operating as it would cause more damage and a longer recovery time than if they did nothing other than pack me off for physio. Whilst I avoided the hassle of surgery and a long recovery, I now have a marker on my medical records - something they do when there is a point of interest that needs monitoring.
I wouldn't say doing nothing is not an option, but I think in the current climate you may find your application is a protracted one, with a lot of waiting whilst they decide how much of a risk you might be to an expensive aircraft and its crew / passengers.