If you bank on 12-18 months for integrated or full time modular training, 18 months + for part time modular, then an October 09 start should in theory have you dropping off the end of said courses sometime early to mid 2011, or even a bit later if you take modular training a bit more easy.
Unless something new's been said recently, the most pragmatic (Pessimistic? Realistic?) posters on here have said that's the earliest they can see low hours pilots being taken up by the airlines again is sometime 2011, so by their predictions, that should be well timed.
Note the word prediction. Note the word should. Lots of people argue a LOT of the time on here about when things might start to improve.
I like ewsd02's advice.
For my own part, I'm going to spend 12-18 months on the ATPL's staring this spring. I'm going to try and do CPL part-time after this while still working (4-6 months? Some places quote 6 weeks full time). Since the IR's the super expensive bit (as opposed to merely expensive!), I'm going to save that 'til I can see some green shoots of recovery, then hopefully knock it out relatively quickly (lots of sim time so less weather dependent)
But there are plenty of ways to skin a cat!
Good luck
JR