The gamble is, will you get your instrument rating within three years? If not, and you did the ATPL(H) exams, you will have to resit 6 for the IR. Or, do the 9 CPL(H) exams, and sit the IR ones, if and when you need to.
The IR route is a big gamble because it costs so much. The safer option is CPL(H) and FI (instructor) in order to build hours.
Try a search as I know this question has been answered many times before; usually quite succinctly by Camp Freddie!
Cheers
Whirls
PS - for what it's worth, I'm doing CPL(H) route as I don't reckon I stand a snowball's chance in hell of getting an IR within three years and I'd quite enjoy being an instructor.
PPS - sorry to hear about your friend 34' - condolences.