I just separated in September through PC. I got all of the required info from the AFPC website, my on base reserve component recruiter (every base should have one) and talking to my MPF. Granted, the MPF folks were, as usual, very little help. They did help me dot the i's and cross the t's on my paperwork, though. I had a reserve job lined up before I applied and I had my gaining AFRC squadron DO write a letter for me to put in my package. "We really need this guy, we're shortmanned, blah blah." I also wrote a personal letter requesting to have my current ADSC transferred to the Reserve and why it was good for me and the air force. I had a sit down with my SQ/CC who, while recommending disapproval, did wish me the best of luck. It helps to talk with him or her ahead of time before you walk in with the paperwork and drop it on the desk. You have to send up your request through the chain of command, all of whom have the opportunity to RECOMMEND approval/disapproval. WG/CC's do not make personnel decisions, they can only request stuff. So, it doesn't matter if they all recommend disapproval - everyone in my chain did. The final decision rests with AFPC. There are two paths I could have taken, PC through the Force Shaping program (which I'm not sure is still available) or "regular" PC. It's critical you decide which one to apply under. Force shaping approval authority is AFPC. Therefore, you should call your respective assignment guy (probably another AMC pilot/nav type, 0-4 or 05) and tell him what it is you want to do and ask whether or not he'll approve it. If he says yes, then you're in there. If he won't, as mine told me he wouldn't, then apply under regular PC. Under regular PC, the SecAF personnel office makes the decision. God knows why they approved mine, but they did. I also had an airline job lined up as well, though I did not do the actual interview until I knew I had it approved. If I tubed the interview and didn't get hired, I had every intention of pulling my PC paperwork and asking to get back on active duty. I also requested a separation date that was 7 months away from the time I applied. It's key that you figure out how many terminal leave days you will have left or that you will need and factor that into your request.
As for making a living bumming, it's tough. In AFSOC, we've got tons of IMA type stuff available at the WG HQ and around AFSOC HQ, so guys are doing it by getting put on long term orders, often up to a year. The current deployments kind of make it easier to get full time jobs. The other option is to try and get an ART job with your guard or reserve squadron. They're hard to get, but the guys who have them seem to love it. As for traditional bumming, it really depends on how many man-days your squadron is willing to give you. If they're liberal with them, you can burn all of your TP's, UTAs, and annual tour and rest easy that you can then use man-days. If they're stingy with them, then it's hard to make ends meet, especially if you have a family and a mortgage.
Start calling around guard/reserve tanker units or AETC units. It's the only way to find out what's out there. I'm also hearing that C-17 guard/reserve units are popping up like weeds around the country.