If you are hired off the street as a pilot with the ANG and wash then no you can be separated w honorable discharge no probs.
If I had things to do over again I would log as much time as possible, get hired with a regional carrier flying RJ's and as soon as I was flying the line I would apply to guard units... and this is my reasoning,
1. you keep your seniority # while on military leave from the airline.
2. you have the experience necessary (hopefully) to survive UPT.
The guys that performed very well in my UPT class were an ex NAV, and two CFII's with above 700hrs. This might be a coincidence though as there were other folks that did extremely well with just a private ticket, but, i think that was just natural ability... meaning no learning curve and they were just natural flyers. Golden gloves so to speak.
When I went to AMS one of my squadron mates who was slotted for fighters actually got an upgrade to ENJPT at Sheppard. WTF? He said his guard unit said he was the only one (of 4) that was qualified for it and they were allocated a slot. I dont' think this would make an ultimate difference though, since you would be flying 38's in track anyway. Yes he was a regional FO. Not sure if that was the reasoning, it might have been AFOQT scores or who knows what.
Anyhow, good luck, hopefully you'll do better than I.