FLC OF A DC10-30 CARGO MADE 360 DEG TURN ON FINAL AT APPROX 1000 FT AGL ON A VISUAL APCH TO LOSE ALT CAUSED BY A 40 KT TAILWIND DURING DSCNT. FINAL APCH WAS SLIGHTLY OVERSHOT COMING OUT OF THE TURN; BUT OTHER THAN THAT; A STABLE APCH WAS MADE TO TOUCHDOWN. FAA INSPECTORS OBSERVING FROM THE GND BELIEVED THAT THE ACFT APPEARED TO BE LESS THAN 500 FT PRIOR TO BEING STABILIZED ON FINAL APCH.

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OUR FLT WAS CLRED FOR ILS RWY 27 AT MEM. DUE TO 40 KT WIND AT ALT AND SOMEWHAT CLOSE VECTOR WE WERE TOO CLOSE FOR A NORMAL APCH. ONCE WE WERE VFR BELOW THE CLOUDS; WE RPTED THE RWY IN SIGHT AND ASKED THE TWR FOR A 360 DEG TURN. RADIO CONGESTION SOMEWHAT DELAYED OUR CALL BUT TWR GAVE US A 360 DEG TURN TO THE L OR S. WE WERE CONFIGURED GEAR DOWN; FLAPS 50 DEGS; ON SPD IN OUR TURN. WE THEN ROLLED OUT BACK ON THE ILS INBOUND; CONFIGURED ON SPD; GS; GEAR DOWN; ENGS SPOOLED UP WELL ABOVE 500 FT AGL. IN OUR 360 DEG TURN WE MAY HAVE GONE BELOW 1000 FT AGL SLIGHTLY AS WE INTERCEPTED GS AND LOC. THERE WAS SOME TURB AND LARGE WIND SPD/DIRECTION CHANGES THAT MAY HAVE CONTRIBUTED. AT ALL TIMES WE REMAINED VFR; WX WAS ABOUT 2500-3000 FT OVCST 7 MI VISIBILITY. ACFT WERE ALSO APCHING ON RWYS 18L/R XING OUR MISSED APCH PATH. THIS WAS WHY I REQUESTED THE 360 DEG TURN INSTEAD OF A MISSED APCH THAT WOULD HAVE PUT US IN CONFLICT WITH THE TFC USING RWYS 18. WE AT ALL TIMES CONDUCTED A SAFE OP IN ACCORDANCE WITH OUR COMPANY SOP. 2 FAA INSPECTORS ON THEIR LUNCH BREAK OBSERVED OUR APCH AND CALLED THE COMPANY COMPLAINING THAT WE WERE NOT STABILIZED ON APCH AT 500 FT AGL. I TOTALLY DISAGREE AS WOULD THE OTHER CREW MEMBERS AND THE TWR AT MEM. WE WERE STABILIZED ON SPD; ON GS; ON LOC; FLAPS 50 DEGS; GEAR DOWN; ENGS SPOOLED UP WELL ABOVE 500 FT AGL AND MADE A NORMAL LNDG.