Your Class One medical although valid for a year, reverts to a Class 2, for a further year assuming still young.
A renewal of a Class One can be done by an AME up to five years from the initial issue date.
As for the flying, this is a person choice and best discussed with an ATO.
Keeping your single engine flying current is another option?
One thing is for certain, when the green shoots appear, you will not only need to have a current CPL (ME/IR), but also renew your MCC skills in a suitable device, as any airline interview will invariably include a simulator assessment as PF & PM.