You can't act as PIC unless you complete the training. That means, IOE and a line check. I got my B757 type at ATA, but did an FO IOE and no CA line check.
If I had waited one more bid cycle and qualified for the B757 CA slot I would have also qualified for the "short course." However, I would have had to complete the entire CA IOE and requisite Line check. My last flight on the B757 was July 2003. To fly as CA now (OK, I know, but this is for CA Simpleton), I'd have to start all over with training. To fly as FO on the B757, I'd have to start all over with training.
I upgraded on the B737 in Aug. of 2003. My last flight as CA was May 2005. My last Line Check was March of '05, I think. I dequalled as CA on the B737 in Oct. of '05 when I went to recurrent and did not fly from the left seat. My last flight as FO was March of this year. I'm no longer current. I'm not qualifed to fly CA on the B737 because I've not continued with ATA's training program and I've not met FAR 61.58 (for Part 91 purposes). I remain "qualified," and I use that term losely, as FO until the end of Oct. '08. Now, no one is going to put me their right seat without going through their training program. I'm just saying, if ATA started back up tomorrow, I just needed to get current, not requalify.
To be a captain, you have to meet all of the requirements of that position under the regs. which you operate. A type rating, by itself, doesn't mean sh!t. It helps, but doesn't make you a CA.