Yes, good point, the old instructing route is not what it used to be from what one hears. It's a real shame.
Based on my own experience and friend's, you will need some good networking to get your first job if you choose to go the modular route (unless you manage to get through CTC Wings selection or similar, but age might be a problem). I recommend jobs in Dispatching, Ops, etc. They pay badly but you'll meet training captains, chief pilots, ops directors, etc. That's what counts.
P