You can live overseas and be employed by a foriegn company and still drill. Most larger western countries have US reserve units for expatriates (but often non-pay billest).

The two possible issues...

1) Is the foriegn airline required to give you time off for military duty per their own laws? They might be nice and do it anyway, or you could bid around it.
2) Depending on who you work for, your security clearance might be in jeoporady...but I can't imagine any western airline being a problem in that regard (Iran Air on the other hand...)