Hi Jonny
You're only as mad as I was. I did something very similar in 2005 and was lucky enough to graduate in 2007 when recruitment was at its peak. I love my new career. I don't seriously miss my old life despite earning less but also working less. The greatest thing about being a pilot apart from marvelling at the glorious beauty of this planet from ~FL390 is knowing that when that parking brake goes on at the end of the day, that's it.
But I have to stress that I was lucky. In 2003/4 recruitment started picking up post 9/11. Can we definitely say the few vacancies that are being advertised now are again those green shoots of growth? No, but neither could we say that in 2003/4. Hindsight is a wonderful gift only bestowed upon philosophers and armchair pundits!
The question I had to answer myself was, "Am I prepared to try and accept with good grace that I could fail". Only you know that answer for certain but I think your research and choices show that you have serious and realistically weighed up your options.
Good luck, DM