You could consider getting your CPL and an instructor rating (finances permitting) and instructing in the interim, hence when the market does an upturn, you will be current and will have some experience. You can then do your IR, which will not be as challenging with all your instruction experience and then you will be more attractive to the airlines.
I believe you are right to wait a while. There are very few jobs out there and lots of pilots looking, many of whom will be a lot more experienced than you,
TB