Inside Higher Ed has a nice discussion of the world of professors, and discusses the effectiveness of teaching among the different ranks of professors. Important point: be an effective teacher of economics (don't be boring like so many of your colleagues) whenever and wherever you are teaching. Economics is too important a discipline to be taught poorly.
But the bottom line to PhD students, if you excel in school, write clear and interesting articles and perhaps books if you are so inclined, and you will successfully avoid joining the ranks of the "off-track" professoriate. And for the advancement of Austrian economics, and for your own personal well-being, the "off-track" professorships are to be avoided in 9 out of 10 situations.