Keeley,
I don't think a Ph.D places you at a disadvantage, but rather a more interesting position. Age is not an issue for you, it will take some time for the markets to come back engineering wise, or on the flight deck.
What I would be doing, is thinking about how you see your career path panning out. In all honesty, I feel you should look beyond the flight deck and include management in your strategic plan. You can fire off a few letters to BA, Virgin and a few other largish companies and ask them what advice and career paths they may have for someone with your potential. Include the CAA in your circular. Make it plain you are not applying right now for a position, but taking advantage of the current climate and asking for opinion, to place yourself in the strongest position possible for when times are better and your education complete.
In many ways, you are in an enviable position. You have age on your side, a worthwhile education, and it seems to me, a head on your shoulders. Don't forget to use it.
Hope that helps, good luck.