To the first part of your post, you're commenting with the benefit of hindsight. While AMFA knew the replacements were being trained, their overall effectivity was(and still is) in question. That fact coupled with the problem of over half the membership faced with decision to vote themselves out of a job made any sort of settlement untenable.
As to the second part of your post, wages in the airline industry have always been based on "the other guy" its been a reoccuring theme. USAir and highest +1%, Delta always being "just" below the industry leader(whoever it might be at the time) UALs PEB settlement while based on more than the industry at the time, the wages at NWA and AA figured in part in to the PEBs decision.
IMHO I don't think this will ever change. This one industry hiccup aside.
With the changes in Bankruptcy rules, and outside agencies now aware of the NWA type games airlines might employ, I'm doubtful you'll see this type of radical shift again.