pgpilot,
I was 32 when I took my initial Class 1.
I'm not really too worried about the hearing now, once the initial is out of the way, there are various ways to keep it even if you fall below revalidation standards. I have been given a form by my AME - in the case of my hearing falling below the required standards, I have a check-ride with a Chief Flying Instructor, and he ticks all the relevant boxes as regards compliance with ATC and understanding all the RT, etc.
As long as the loss is not too bad, I don't think it's a problem. I hear of plenty of deaf pilots out there!
I would go for it.
FT