I'm a little late commenting on this topic, but here are my suggestions:
(1) If you're really convinced that your current regional is doomed, you should immediately start working on an exit strategy. It's always better to leave on your terms, rather than on someone else's.
(2) But... nothing seems to happen very fast at most regionals, so I expect you still have at least 12-18 months at your current shop. Use this to get prepared for your next job.
(3) I would NOT recommend a lateral move. I really think you can do better than this. Hiring seems to have slowed down for a few months, but I expect the job market to improve by summer or early fall.
(4) Maybe the most important thing I can add: I'd recommend that you get some career counseling and interview prep NOW. Don't put it off until you get invited to interview. You seem like a reasonably intelligent and articulate guy (at least on JetCareers). A good interview prep service can help you identify any problems in your interview presentation, and help you "tell your story" in an authentic and compelling way.
(5) If you have the opportunity to attend a job fair, then this can be an excellent way to get some "face time" with potential employers. It's also a good chance to ask questions about the company.
Good luck!