As far as I am aware, a class 1 restricted medical can not be used for CAT work. It replaced the class 2 medical which was used to allow instruction to be carried out by those that couldn't meet class 1 standards. There used to be 3 classes of medical.
JAR FCL3 refers.
I'm not sure about obtaining a commercial licence, but in any case, there would be a NPT (no public transport) limitation, so probably not much use for you.