Why put your life on hold for something that may never happen. You've got to explore other avenues and reinvent yourself, otherwise you'll become sad and miserable.
The RAF pilot summed it up, it's all about acceptance. You've got to ask yourself what will I do with myself if it doesnt work out. Some times you've got to accept that its over and it's never going to happen. It's very difficult to do but once you come to that way of thinking it gets easier knowing that you gave it your best shot and now it's time to move on.
I wish I was back in the saddle but realistically don't think it's going to happen due to age ,bad luck etc. I think I reached my peak career about 15yrs ago and that was only for a short period.. I achieved what I wanted to in Aviation and had a fantastic experience.
Like Charles Lindbergh said "In flying I tasted a wine of the gods."