several in my class this summer didn't have the 121 time, but did have some military PIC, with the exception of one guy. he was a regional co pilot, but last i heard he didn't make it through training, which doesn't help those without the PIC in the future.
also, there was one guy that i know of that was pure 135 PIC that got into class this summer also.
so, to answer your questions.....you won't find anyone in hiring to admit to any exceptions to the requirement, but i have seen it happen.
good luck...