No problems with that - worked for me. Part time instructing / part time other (slightly) better paid career, now in airline job.
Having said that though, I would recommend getting the 500 in command as fast as possible in order to get an application in and then consider your options. Also be ready to explain why in an interview.
As I understand it - all of the initial hoops - HSC, minimum hours, stage 1, sim ride, etc are simply filtering tools and largely impersonal (unless you are obviously completely unsuitable). Should you get as far as the final interview then you are effectively in, just as long as you don't talk them out of hiring you during that interview.
Beats me how blokes can survive on GA wages only.