The DB looks at the whole enchillada, everything. If there's a problem with the background check or references, they're the only ones who'll make that call. If they're not okay with recency of experience or total experience, that's their call, not necessarily the logbook checker's. As I understand the process, the logbook checker (one of the 3 interviewers) will verify that you have the 1000 TPIC & the rest of the mins & that your logbooks support what the summary page says. But he won't make judgement calls... those are left to the DB.
Don't know how much it's a factor now, but in the past there were reports of guys who just barely met the mins being told, essentially, get another couple years as a captain under your belt, and then try again. Or guys who finished their military career flying a desk for the last 3 years. Or somebody with, say 10,000 hrs SIC at 3 or 4 airlines but never more than 350 hours PIC any one place (or maybe never upgraded at all once or twice) before moving on with little explanation... hmm, did nobody trust him in the left seat? Only the DB makes calls like that. (And of course they can distinguish between "left the job when the airline liquidated" and "left airline A as a captain to start over as an FO at B.")
ALSO, unless things have changed, everybody who interviews will have their records looked at by the DB, since (for legal reasons) only the DB can say "no." NOW, if somebody tubes the interview beyond all doubt, there's no point in calling references or doing a drug test, and it'll be a quick "interview said no, we say no, NEXT!" call for the DB. But depending on the source and the statistic, that 44% may be the same thing as 44% of those who GET an interview (since they'll all meet a DB), or it may be 44% of those who PASS the interview (since they're the ones the DB spends time considering at greater length).
BUT, in any event, that's just history. If the DB likes you, they'll take you, even if it means a higher %age of applicants getting accepted that board, and if they don't like you, they won't, even if it's a lower %age than normal. Everything out there indicates that they aren't bound to take the top X%, no more no less. Do the best you can, and let the outcome fall where it does. Don't sweat it that you "have to be in the top 44%," 'cause it just ain't so!
Best of luck!