Radio dude, I think I'm qualified to at least give an opinion.
We are about the same age, in the same family circumstances. I however have all the qualifications that you desire. CPL, MECIR, Instructor rating, NVFR, tail wheel, and over 100 hours aerobatic competition flying. The only thing I don't have, aside from a floating hull endorsement, is a job.
To answer your points:
1) Didn't do it myself, so despite no job, I also have no debt too repay. You know your financial situation, it's between you and your wife.
2) Without having a great education as you say, CPL will be a lot of work and you will struggle with some of the concepts. I was/am exactly the same. Do not under estimate the amount of time you will need for study. It is enormous. I did mine before I had my daughter, don't know how I would manage now.
Don't add to your woes by trying for an instrument rating at the same time. You won't get an IFR job straight away anyhow, so it is a waste of money at this stage.
3) Unlikely but not impossible, if you and your family are willing and able to live in a top end sh1thole for a couple of years on very little money. That is, if you can score the job over all the rich kids that got bankrolled by Daddy. Not trying to be negative, that's just how it is.
4) There is work around, just not where you and I are. Absolutely you will struggle to get work, everyone does. Will it get better? I don't know. I hope so, but the industry has stagnated. Major airlines haven't recruited en masse for about 5 years, regionals are shutting down at an alarming rate, and schools like the Bankstown flying college that offers VET FEE-HELP are pumping out as many new CPL's as they can.
That's the situation we are all in. Hope this helps you decide.