EK,
Frankly I couldn't do it. I mean get a Foreign Type on my FAA license. I'm not sure if it's possible. I had to complete the whole process and get a European License which included completing the JAA ATPL exams and then get the JAA type rating. My FAA license was validated for a very short time while I completed the JAA licensing process.
As for the process going in reverse, I believe it really depends on the willingness of the CAA from the which the Euro license was issued as to whether they would accept a type rating on their license. That being said, if it is a JAA country then it's pretty clear that the type rating program must be JAA approved in order to have it on a JAA license.
Good luck,
Lifter