Especially odd since, as I understand it, some other airlines with regional feed have such "flow down" programs that do work like that. For instance as far as I know, if American were to furlough pilots, the furloughees would be entitled to any available jobs at their wholly-owned regionals until they get recalled. Another thing with the FedEx letter is that it doesn't say anything about the possibility of being recalled or returning to FedEx- but then I suppose they technically aren't furloughing as yet.
I doubt this will be a popular sentiment, and I think leaving FedEx for regional Hell would be a horrible career move, but I don't think it's completely outlandish to think their might be some takers. A few years ago I remember someone on here saying they knew someone who left Alaska for Envoy.