There are plenty of rated 320 drivers next door at "Sickair"! Can't really see Valueair becoming successful other then driving crew wages down. If the pilot's pay gets any lower in SIN there might be a reverse migration over the border to MAS or Airasia, (living cost are much lower in KUL).
It is always laughable to see the SIN government backing its big business in a suppose free market economy. CX operates in a similiar business atmosphere and yet it is able to turn a profit despite having a much higher crew cost, also it is not afraid to report a quarterly loss.