I don't think it will work as a regular line pilot, especially if you're not a captain. I think you have to be in a position to "evaluate." I renewed mine earlier this year as a training captain. Called the FSDO at 9am, they asked if I could come by at noon, and they did my renewal no questions asked. In and out in less time than it takes at the DMV. All I brought with me was a completed 8710 with the box for "duties and responsibilities" checked as the basis for renewal, and for proof I brought my 8410 letter with the "135.340" and "right seat" boxes checked. He didn't even look at it, so I guess it depends on where you go.