Well, i wouldn't say it was a waste of time - qualifications like that will always stand you in good stead. But there might be more important things to do.
We normally had a company minimum of 1000 hrs PIC, because the contracts we held stipulated this minimum. But on three occasions so far we have hired pilots with 400hrs PIC/800 copilot, and 2 at 700 hrs PIC. We had to put them on other tasks until their PIC time built up, but we took them on because they were keen, dedicated, presented well, and were going to have to stretch to fit the job.
They beat some old-timers who, instead of stretching themselves to be able to do it, were looking more to stretch out and snooze for a few years in a "cushy" charter job. Even though some had 5000 or 7000 hours, we took the junior guy because of attitude. I didn't care if they had IREX or ATPL because these attributes were superfluous to the job. CPLH, NVFR, sling preferable, and able to talk me into giving them the job.