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should I buy multi

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At $40 per hour I would buy that time. The airlines don't really care how you arrived at multi engine total. The MEI does help with experiance but generally builds time at a slower pace.
This is about getting hired, not "paying your dues" My advice is to fly that cheap multi.
 
I agree with Britpilot 100%, except that I would have said "experience." Sorry- couldn't resist.

Get your MEI to take advantage of the free hours that come along and to allow you to log 100% of the time you're in the cockpit. I bought about 50 hrs of what I needed to get a regional, and the interviewer didn't care in the least.
It's not pay for training, it's not buying a job, it's getting the experience you need to get an interview. If you can't fly, the airline will know.
 

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