Warlock2000,
Properly qualified means....having passed a command assessment, found suitable...including past performance as a First Officer.
However, this ties up training Captains for a longer period (training First Officer upgrades) so might not fit into the picture.
Oh yes, it was 29, and the aircraft was indeed the Boeing 707.
A rather long time ago, but with a very small company so the upgrades were fast indeed.
You are correct about one thing tho...for a company to pay overtime is far more productive than additional new hire payroll burden.
Any financial guy who knows anything about airline ops will tell you so.
And certainly not restricted to the airline industry either.