Having set up a couple of companies (not aviation related) over the past two years I have lived the UK red tape BS nightmare time and time again......but I have succeeded where others have simply thought about it. Go for it! Is it not possible to join forces or live off someone else's AOC until established a la EZY and many others for that matter. I will not pretend I know much about AOC's etc but those in the know feel free to shoot that idea down!!
What you must take into account: Is this what I WANT to do or am I doing it because I currently can't get what I want? If it is airline you want then wait, it's tough but your time will come.