Fierz-Pauli theory, as any theory on Minkowski spacetime, is not a generally covariant theory. It is Lorentz-covariant, of course, but does not have a hole problem. The field equations of GR may be presented in such a way using a coordinate condition. Once iterations do not get rid of coordinate conditions - if the equations have no hole problem, their iterations will not have one - it seems quite clear that these iterations can give EFE only in some particular coordinate condition. While I have not checked it, the most common coordinate condition is the harmonic one, so I expect them to be used here too. At least they have an important property one would need to connect with a Minkowski background, namely that linear combinations of harmonic coordinates are harmonic too.
In this case, the equations are restricted to the particular part covered by the coordinates preferred by the used coordinate condition. If this is the harmonic condition, the mathematics of the equations would be the same as in the ether interpretation mentioned above.
This does not mean that there are no differences. The ether interpretation enforces that one time coordinate - the one interpreted as the true time by the interpretation - has to be a global time-like coordinate. If a theory starts on a Minkowski background, thus, with an Einstein-causal theory, whatever the iteration, it would have to remain Einstein-causal. At least I'm not aware of an iteration mechanism which would allow to transform lower-than-c trajectories into faster-than-c. Now, each of the original time-like Minkowski coordinates would, in this case, do the job. But this is, nonetheless, a more restrictive condition. One can imagine solutions which allow for one time-like preferred coordinate, but not for a whole Minkowski metric containing the lightcone of the physical metric everywhere.
Logunov's RTG, a theory with massive graviton, which also uses the harmonic coordinates, has a similar problem of correspondence between the background Minkowski metric and the physical metric. It imposes an explicit causality condition, but it has no connection to the equations. So they have solutions which somewhere start to violate this causality condition. This is possible in the ether interpretation too - but the condition that preferred time is time-like circumvents this. It translates into the condition that the ether density \rho=g^{00}\sqrt{-g} has to be positive. And that condensed matter theory equations start to fail if the density becomes negative is quite obvious. It simply means that the boundaries of the condensed matter approximation have been reached. I think, a nice way to get rid of causal loops in the ether interpretation.