Lenny,
For all the guys over 30 on here telling you to go for it there are probably twice as many sitting silent at home wishing they didn't.
You will certainly encounter age discrimination even if you don't notice it at the time. Many operators simply don't like hiring older guys and girls because they generally stand up for themselves more and are less inclined to bend the rules. This doesn't apply to all operators as I know a couple that like the newbies to be a bit older.
Another strange phenomenon is how people get hired. It seems more like a popularity contest than a merit based recruiting system sometimes.
Want you need to do is decide what you want to get out of flying job. I firmly believe if you start over the age of thirty then cracking a "jet job" will be less likely. Not impossible but not easy.
The industry is in a down cycle now so if you finish in 2-3 years it might pick up again by then. The ultimate question is can you spend that sort of money and maybe not make it to a flying job that pays the bills?