What would they say in the interview? When you get to that level, do they really not care too much if you were the FO or PIC, but rather just how much time you have in type, since most of the time both pilots alternate PF/PNF?
In my experience, it's the opposite.
At the airlines, time in type isn't actually a huge deal. They're going to send you through a full initial in whatever equipment you're being hired into, and since everyone starts at the bottom as an FO, they just need to know that you can fly, that you're trainable, and that you're not going to be a nightmare to spend a four day trip on the road with.
At this moment in the hiring cycle, the majors aren't hurting for qualified pilots, so there's still a premium placed on turbine PIC. If you read the fine print on the various job applications, they define the PIC as being the person that actually signs for the aircraft. They're looking for people that have been 'in command' of a turbine airplane - essentially Captains making Captain like decisions. Someone that got some stick time in the right seat of a King Air, or a PIC-typed FO at an airline, doesn't meet the spirit of what they're looking for, even if the FAA says it's legal to log the time.
So the recruiters see it differently than the feds, but they're the ones offering the job, so you've gotta play the game. I've heard that some people keep two versions of their logbook - one with the sole manipulator PIC removed for the purposes of an interview. I've never actually met anyone that does this, and I'll bet most people only keep one. Once you get to the point where you're applying for these jobs, you're not logging for the FAA anymore anyway. Therefore the conservative approach is to keep a logbook with time that won't raise
any eyebrows in an interview. Besides, when you're rolling in with thousands upon thousands of hours, that 17.3 of dubious King Air PIC from back in '99 doesn't make much difference anyway.