They would be qualified to work as pilots, minus the MIFR. They may not have the experience needed to work at AC or WJA right out of school but no one gets the top job right out of school. You have to pay your dues which have changed over the years. I may have burnt some bridges in the beginning of my aviation career but I took the first job that guaranteed I would be paid to fly. Not a chance for a job as a pilot or may lead to a flying job. My first job as a pilot was flying skydivers. It wasn't the greatest job but it paid money and I flew 250hrs in 4 months. Experience is what gets you the bigger and better job.
I would recommend the college route to anyone on a tight budget. I wish I had gotten my CPL MIFR for $14k instead of the $45k I spent.
To get the experience needed for operators I would recommend towing gliders. My first summer of toeing gliders I flew 90hrs in a Citabria and all it cost me was $500 for a club membership which is required for insurance. Sure you're not paid to fly but you meet tonnes of people in aviation that will give you tips and pointers. I loved towing gliders and had a blast.
Sorry to go in a million directions but anyone who thinks they are entitled to work at AC with 200hrs is in for a real eye opener.