Raytofclimb
fully echo s61funs comments. If in your shoes I'd probably bite the bullet and crack on ASAP ie get your ELC application in by COP today for this years ELC dip. As soon as the first set are done you can then use 2011s dip for the second. Get your IR and you're laughing.
Would be a tad circumspect about attempting to get the hours - you never know something may occur which prevents you reaching the goal whereupon you're back to square one anyhow.
The knowledge you gain from the exams is fairly useful, and explicitly pointed out to me how much I didn't know but should.
Good luck and the ATPL online question database is worth its weight in gold.
Regards