I had 0.0 hours of glass, jet, turbine, anything before walking into RAH. I was 1800TT and 350 ME when hired. You will do fine in the sim. The FSI guys have taught this enough to know how to get it through to you the first time.
Study at nights...but not too long. 2-3 hours a night should be plenty if you take good notes in class. Make sure you go out on Friday or Saturday night and have some fun...otherwise training will be miserable.
As far as the training contract...I've heard some people they haven't gone after, others they have. Luck of the draw I guess but I doubt you'd be jettin' outta here in two years anyways. Good luck.