Navig8r,
I've done almost exactly what you're considering. I'm 41 with a not so shiny new CPL(H) (got it two years back) and back doing what I was doing prior to starting the course. I did the CPL full time and had an absolute whale of a time on the course, all day every day learning about flying, talking about flying and flying. Fantastic. Unfortunately, at the end of the course, reality sets in - you're 40+, low/negligable hours, you've probably got commitments which mean you're not as cheap &/or flexible as you could be and, as someone has pointed out above, you've got competition from younger or more experienced (or both!) bods. Am I bitter? No, that's life. Am I sorry I did it? No way! As I said I had a fantastic time and have achieved a lifetime's ambition. I still, whether I'm using it at the moment or not, have a CPL(H) and I can still get a job flying (there's no way I could if I didn't have the Licence!)
My one regret is that I didn't go on to do an FI(H) immediately I finished the CPL(H). I could be getting paid to fly at weekends with one of those. I was perfectly set up to do one: confident, current, crammed full of theory. Unfortunately I was also broke
So, in short, go for it, but try and get an FI(H) at the end of the course and best of luck to you.
And I would recommend Cabair at Cranfield - the CFI(H) is superb.
RJ