Anyone who feels the need to be snide here doesn't quite understand the problem. An SIC type rating (be it on the 727, the DC-3, or the A380) is a "restricted" type rating. Most contract companies specify quite clearly that a restriction of ANY KIND on a pilot's license is a disqualifying problem when converting from FAA to a local license.
Obviously, when dealing with the contract company, the best possible outcome would be for them to accept the license anyway, since the applicant has no intention of operating that particular type again on the new foreign license. While not unheard of, this would be unusual, and the licensing countries for which this "no restrictions" language is in effect are not generally known for making exceptions to rules.
I have met two people who were in a similar situation before coming to China, where this same rule is in effect. One was able to get his SIC rating changed to a normal type rating through his employer at the time, who put him through a full type rating course. The other applicant was not so fortunate, but all he had to do was very simply walk into his local FSDO, and declare his intention to "surrender" his SIC rating. The FARs clearly state that a pilot may surrender all or any part of his/her professional qualifications for any reason. Half an hour and a new 8710 form later, the pilot walked out of the office with a temporary ATP, one type rating and one restriction lighter. The Head Fed on duty that day mentioned that it's an uncommon request, but those that do it are almost always in the exact same position as our poster here. His FAA records will still clearly show that he had an appropriate type rating when he was an acting crew member on the 727.
The SIC rating was a joke, and another reminder that the FAA will happily make deviations from ICAO standards to save a quick buck, even if that makes life harder for FAA-rated pilots. Thankfully, the new ATP rules in the US have pretty much eliminated the rationale for the SIC type rating.