Canadaboy13, I can try and help you a little on Devau. If you are wanting to start from NCL I suggest you think about developing your airline based tightly on connecting flights. The big routes, for example, NCL-LHR, NCL-LGW etc are hard to earn a profit on, and there is already competition with large airlines with hubs in the London airports. The same applies too to NCL-AMS (AMS is a hub for a large European airline). However at the moment, the AGEX is good, which means that you have a better chance to get started.
NCL is well located as a hub for flights from the UK into northern Europe, especially Germany and Scandinavia. You could feed an NCL hub with flights from GLA, EDI, PIK, BFS, BHD, LPL, LBA and more and try and connect them into European airports. I'd probably start with looking for European airports that are 5 bar+. Try looking in southern Norway and Sweden, Denmark and northern Germany. Most airports in this area will connect logically on the map - for example, if you flew from CPH to NCL and continued to BFS you're almost connecting in a straight line. AS passengers like efficient connections.
Your choice of aircraft is really important. When starting you probably want to look at small efficient aircraft. Someone else has already suggested the Dash 8-Q400A (DH4) and CRJ-700 (CR7). You could lease at least 6 of these with your initial AS$ 10 million. If you lease bigger aircraft you are going to struggle to fill the seats without a larger network, so you have a better chance of filling smaller planes. Also, both the DH4 and CR7 turn around in 20 mins, which is efficient (a 737 will take 30). From NCL, I'd probably go for the CR7, but both should work.
To make your connections work needs a little planning. The connection time for NCL is 1 hour. That means a passenger arriving at 10.00 can connect to any of your departing flights from 11.00. So, if you had flights coming in from 6 UK destinations at 10.00, and 6 flights leaving to non UK at 11.00 then any passenger from your incoming flights could connect onto any of your outgoing flights. You should be able to make at least two complete round trips per day (by round trip I mean flights from your UK feeder airports, return flight to the European airport, and back to the feeder airport). You might manage three.
Whilst your network is growing, don't be tempted by the longer flights - you'll struggle to find enough passengers to fill them. So from NCL look for flights no longer than about 2 hours. Once your network grows you'll have a better chance of making them work, and you'll be able to afford to experiment more.
Be picky with your interlining partners. If you choose a partner who is too big, you will pay a lot of money to the staff to run it, and you may not get enough extra bookings to make it worthwhile. So if you were thinking about a couple of flights a day to Norway, then choose a partner with a good Norwegian domestic network; and so on.
Don't get too worried about the ORS to start with. If you are running a CR7 then try and choose a combination of seats, service and price that is above 85, 75 for a DH4 (finding out what works is just a matter of trial and error). A good connection in NCL is the most important thing, so try to make it exactly or as close to an hour as you can.
I ran an airline from NCL last year and I can assure you it can work, and if you want any help message me in Devau. Don't be put off if your first attempts don't work, most of us have restarted many times on the way to building our airlines.