Ray,
I have seen similar maths in recent days leading to similar decisions. The 'law of unintended consequences' regarding flying pay does not make it easy to retain people. Work longer and get less is clearly stupid - there was a very good reason why (pre-JPA) FP was not abated on PVR beyond the 38/16 point; to do otherwise we artificially force people at out at option points.
Anyway, if you do find yourself approaching your 38 point without a clear job ahead it is worth applying for PAS as no FP=No abatement on PVR. Could save you nearly £16k on a 1 year PVR.
Regarding PVR terms - during the AFPS15 consultation is was suggested that the abating of pension on PVR (officers only) would not be a feature of the new scheme as it fell foul of the parity argument that was part of the original AFPS05 consultation. Yet it has stayed with us for both schemes… time for a legal challenge I think...