I was in exactly the same boat as you SZF. Quit my long houred IT job at 29 after PPL, now completed the ATPL's by distance learning, now age 30. I chose to take a no-brainer job though whilst studying to help things along, but freed up a hell a lot of my time by quitting the IT lark.
Have to agree with all FFF says, residential if you can, but then if you go distance learning with only a part-time job, then you would probably still get through the studies in a reasonable time frame.
Also agree, save the majority of hour building till after the exams, not only does it make you more-recently practised, but gives something to look forward to after the exams. Kept me going anyway.
One subject I may suggest to brush up on before ATPL's is Met.
I found the Thom PPL book useful even during the ATPL's, so if you can get the essentials done before hand (eg. fronts, winds etc) then it will stand you in good stead.
As to length of study, well that one really is up to you. Took me just over a year distance learning, pretty much most evenings, but most weekends off I must say.
How's mod 2 going FFF ?
Good luck SZF.