Hi Dave,
Youre not alone when it comes to the age stakes, I'm 36 and just about to finish ground school. I must say though I am without any kind of ties like a wife, kids and said cat!
Youre quite right about being too old for sponsorship (I think) but am quite happy to stand corrected if anyone can show otherwise, but certainly for BA I believe the cutoff is 27.
In terms of question 1, no-one really knows, although Scoggs and Wee Weasley are in a better position than most to give an opinion. Personally I think an awful lot rests on what Dubya and Smilin Tone decide to do in the Gulf!
When the industry picks up it tends to pick up for us low hour types last (we're the bottom feeders) as we (generally) have to wait for someone to move from a turbo-prop upwards to make the vacancy for us, although as I said this is a generalisation.
In terms of airlines reactions to your age it very much depends on the airlines themselves. I know of at least two in the UK who would prefer a more mature face than a (dont shoot!) a slightly "less mature" face sitting at the pointy end.
At the end of the day you have done the right thing by canvassing advice here, its a mine of useful information, just carefully consider your options, maybe do the ground school by distance learning rather than a full time course etc...
Whatever you decide good luck and all the best
TBL