Laichtown,
As you'll probably have read from the links above by now, you need a minimum of 25 hours for the NPPL Microlight rating.
You may be able to get credit for the SEP training you have already done. The NPPL document
Allowances Against Training For The Grant Of A NPPL says:
Credit may be given for training on SEP and/or SLMG aircraft which has not been fully completed; applicants seeking credit for such training should contact the BMAA for advice. The requirements will be determined by the applicant’s current experience and will be assessed individually. The applicant will be required to complete the minimum instructional training hours for the NPPL (Microlight), to pass the Microlight theoretical examinations and to pass the NPPL (Microlight) GST.
You should give the
BMAA a call - they'll be able to answer any queries over the phone.
Another licence option requiring (theoretically) fewer hours is the NPPL with SSEA rating; in other words the light aircraft rather than microlight version on the NPPL. I say theoretically fewer hours since, although the minimum requirement is less than the JAR PPL, many people need more than the minimum time in any case. If it so happens that it takes you 60 hours to learn to fly then going for a different flavour of licence won't make much difference to that. Changing to a microlight probably would, since they are simpler and the syllabus reflects that with no radio navigation appreciation, no 180 degree turns to escape from IMC and so on.
flexy - to add some pros to your list of tin can cons I'd add items such as the ability to take more than one passenger, the ability to fly in conditions and at times when microlights can't and very un-lousy performance if you choose the right aircraft! As for 120knots on 10 litres per hour in a CT, it's a nice idea, but only possible in a rather steep dive. I have a few hundred hours on CTs, own one and have flown several others. They will all do 120 knots easily enough, but the fuel flow is around 20 litres per hour at that speed, depending on the type of prop and how it is set up.