Ok,
@Blue Side Up @adk I finally received some information regarding this. From my brief interaction with them, It looks like HR would prefer that you not apply unless you meet the minimums as it sounds like the computer sorts through the applications and kicks out the ones that don't qualify. I'm not sure of the inner workings, but it sounds like once this occurs your application goes into limbo and remains 'on file' and update-able, but not actively being looked at for the 12 month period since it's already been kicked out.
My suggestion would be to continue to update your profile/application, and once you hit the 250 hour minimum, send me a PM. I may be able to contact someone in HR to change it back to 'active' so it can be reviewed by the borg again.
Hope this helps!