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Siuox: I don't know if you will get an interview based on the fact that you used to work for FedEx, I THINK you need to be a current employee to get the preferential shot at the interview. I say I think, because I honestly don't know. I do know that you will get to keep your employee number and those years I THINK will count as years of service for retirement, so there is certainly some benefit to having worked here before. If you could get back on and work part time while still building your time that might be the best way to ensure an interview. In either case, it won't hurt your chances and I think just the fact that you worked here for a while would look good on the resume.
The most important consideration, after meeting the min requirements, however, remains a solid recommendation from someone you flew with who currently works here. That, combined with your previous experience throwing boxes will certainly help your chances.
I personally haven't heard about them tanking internals initially and making them re-apply to test desire to work here. Can't say its not true, but I've never heard of such a thing. Any good company would look at a repeated effort as an indication of wanting to work there, and I think FedEx does look favorably on repeat applicants. I have heard of guys who made it on the second or third try.
Good luck.
FJ