Keith, 30k? forget it. Double that for a start to get the basics. Instructor rating another 8 to 9K. Air Contractors, forget them, currently overstocked with FOs, I believe, and in any case always difficult to get in because pilot turnover is low. Also Air Contractors is in fact an airline (cargo) job and you will need an MCC and an ATPL. Just because they fly turoprops or are a regional doesn't mean a you don't need all the boxes ticked. That is the 'big point' you missed out on.
Age no problem. Job market; big problem. Your motivation is excellent though:
I would be so happy to fly and earn an income sufficient to pay back training costs and live somewhere in Europe and possibly enjoy life
Wouldn't we all. That's the real problem. The reason the airline job is desirable is because that's where most of the jobs are and the money and the possibilty to enjoy life. The fun jobs don't pay well, are insecure and sometimes risky. I know, I have one. What's more they really don't pay back your training costs. But even they are scarce and as often as not recruited by word of mouth or by reputation.
The main source of jobs lately is Ryanair, love them or loathe them. Add another 30k to pay for their type rating. Aer Arann charge for the type rating too.
So we're back to 100k again.
To summarise, yes the big airline job is not the only option. But small airlines require the same qualifications, same for cargo and corporate flying. Other jobs, like instructing, charter, air taxi, skydiving etc are hard to get, pay badly and are recognised as transition jobs. Training is always more expensive than you think and you are not guaranteed a job at the end of it.
But if you really want to do it, go for it. Anything is better than bar manager. But I warn you, you could end up back in the bar. I for one am looking for some kind of part time work to supplement my income or lack of it at the moment.