I mean, I've seriously considered it. Even talked to a few people here in the know about it. But I'll probably be at maybe 400tt when I'm done with my CMEL. Figured that they'd laugh at my hours, and toss my resume in the trash because as you said, they have lines around the block, all chomping at the bit to get a chance. All with probably with 800tt and up. Even though their website says 250 hrs minimum for an FO position. That's the minimum, but probably not preferred.
Something I've learned when/if applying for jobs: never, ever sell yourself short on thinking you won't get the job. Every candidate has pros and cons. I can't emphasize a positive mental attitude enough, but have the wit to avoid carrot chasing. The amount of "no's" may be higher than your TT, and that's just fine, in my opinion.
Also - be cautious in getting stuck on working for one particular carrier at the 'entry' phase. Apply everywhere - nothing matters till you're in class after accepting an offer.