Actually, the pilot serving as PIC *is* a "required pilot" under the regulations that apply to the flight;

If that were true with regard to 61.51(e) then this pilot would be able
to log PIC. However, I cannot see how you can say he meets that
requirement...

61.51(e)...
(iii) Except for a recreational pilot, is acting as pilot in command of
an^M
aircraft on which more than one pilot is required under the type^M
certification of the aircraft or the regulations under which the flight
is^M
conducted.^M

How can you say this operation requires multiple crew members??
-Robert