Col Hogan,
I understand your frustration, but look at the long term and not just the short. Yes, it's tough working for peanuts with no future on the horizon, but being locked into a 5 year note is, in my mind, just not worth it.
There are many regionals out there, most of whom are hiring today. With your times, you should be right in the middle if not on the high side of the regional hiring qualifications. Be patient, you'll get your shot.
Imagine if you went to work on a 5 year contract, got your 1000 hrs of Turbine PIC in 2 years, got the interview and then a job with Southwest, but had the remaining 3 years hanging over your head? That's a lot of cash you'd have to come up with, and if I'm not mistaken, you won't be rolling in it, which will make it very difficult for you.
The analogy above is one of thousands that may happen to you over the next 5 years, so sit back and seriously reflect on what your 1, 3, and 5 year goals are.