At 34 your age is not - repeat not - an issue. This question gets asked on here at least twice per week.
I would be much more concerned about the general state of the job market over the next couple of years. This industry is cyclical, and boom is just as surely followed by bust. With high oil prices and reducing consumer confidence we are already seeing the first signs of a slowdown in aviation. If previous cycles are anything to go by (eg 1990 & 2001) then jobs for newly qualified pilots will be
very thin on the ground for 2 or 3 years to come.
God, I'm starting to sound like WWW. . .
To answer your first question, I would invest in some airline aptitude testing (read up on the GAPAN tests referenced at the the top of the forum). This will tell you with a fair degree of accuracy whether you're airline material.
Then, if you choose to proceed in the current market, I'd do it slowly and with minimum risk and expenditure. That is, go modular and aim to finish 2-3 years down the road when the industry is likely to be healthier. Don't go and throw £70k+ at an integrated course, then another £20k on a type rating. Things are way too risky for that.