Bush Pilot,
The answer to your question sort of depends on where the national and international economy is if/when one looses their medical.
My experience in the early 90's was being retrenched 3 times in 3 years. Flying work was scarce and I found that a pilot's licence didn't qualify me for anything else.
If I had my time over again, I'd seriously consider having a fall back position.
The down side of studying for another qualification is that flying is still very seniority based, though becoming less so with time. One's qualifications and experience are not readily transferrable in Australia (ie, start with a new operator and usually start at the bottom of the list), so, whilst acquiring another qualification you may not be gaining any seniority and/or flying experience.
I know of a person who fairly recently enquired about becoming current after a 10 year hiatus. They were offered re currency training if they agreed to subsequently work for the organisation. On this basis one might assume that the economic climate for studying and part time instructing is good the moment.
Which decision is the best won't be known until you either lose your medical in the future, or retire at 95 having never missed a day's work.
