A recent discussion about WEP can be found here:
http://fsdeveloper.com/forum/threads/wep-switch.439201/
The thing about the default WEP functionality is that, despite looking easy, it will still require a lot of fiddling and masking. First of all, you have to get the correct performance for the piston powered part of the envelope, which is already a complex task. Then, the following issues have to be resolved:
1) Is it possible to get to combined propulsion performance spec with WEP? If yes, go on, if no, find another solution (such as XML Tools).
2) Find out if WEP can be applied per engine to properly simulate single jet engine operations (opposed to dual jet engine ops).
3) Make sure to make WEP only available once the virtual jet engines are spooled up.
4) Monitor manifold pressure behavior. If there's a gradual increase when using WEP, things will get much more complex, while an instantaneous offset can be easily accounted for in the gauge code.
5) Can the jet engines be throttled? If so, WEP won't be an otion.
5) Does the increased manifold pressure affect cylinder head temperature? If so, find a way to make the gauges show nominal levels.
6) Does WEP damage the engine? If so, you have to work around it.
7) Velocity and altitude affect jet engine performance. At least fake the gauge indications to reflect this.
8) If the jet engine uses its own fuel, you can simply use the WEP duration limiter to simulate this. Otherwise, you'll have to set up a really complex fuel management system.
There's probably much more issues that need to be considered and accounted for when using WEP. I'd only use it as a last resort.
An XMLTools based solution is not significantly easier to implement but is at least more flexible as it will leave the piston engine simulation alone.
But as I've said, try to get the piston powered part right before you tackle the jets.