Yes, it is possible.... for a person in your position, very costly and no real possibility of work here for a while. (There's many low houred guys here with no work and next to no GA to get a start)
You can do a correspondence course in Oz. However, you must fly to the UK to do the exams. I recommend Bristol Ground School for the ATPL.
I'd get the CPL/IR in Oz. Much cheaper. Then get a job flying any where doing any thing. I would aim to get an Oz ATPL before considering the conversion. I would definitely try to get 500 hours multi crew time on turbines as well. You must get 500 hours multi crew before you can be issued with a JAR ATPL.
Your hours will be considered. However, you will have to do a skills test and a minimum of 15 hours (some sim) for the IR (JAR).
I have posted a lot about this both in this forum and in Dununda. Search my name and "JAR ATPL" etc.
In all seriousness, get the licences done in Oz and try all your might to get work in Oz. It's dire here for low houred guys and probably won't improve till 04-05.
The cost of converting your licence will be about as much as getting your CPL/IR again in Oz.
Have a look
my website. Note, the IR requirements have changed!!
Look up
LASORS for the UK JAR info. Also check around the site for latest info.