I think you are thinking along the right lines.

If you apply for FTS, you will stay current, but you have to obliserve for another few years.
VT and VR SELRES will not only allow you to stay current, but it will also be an outstanding networking opportunity with a bunch of airline pilots who are drilling. If I were in your shoes, that is what I would do. It will allow you some flexibility while also keeping you in the game while you apply to the airlines. You can take extra drills to earn a little more cash and can apply for an FTS slot if you decide being a civilian isn't for you.

That is great that your pop works at FedEx. I think it will be a huge help for your chances. Did you fly multi on your shore tour so that you got the mins?

In any case, you have to weigh relative seniority at an airline job with what you will get out of the Navy if you stay in any longer. If going to the airlines is your goal, getting started sooner rather than later would be in your best interest.

I took the devil's money and went to the boat with a fair degree of certainty that I would get invited back to TACAMO. Luckily, it all worked out and it looks like I am going to be retiring just as hiring really starts picking up.

Remember, timing isn't just a thing, it is everything...that applies in the Navy and out.