Mr Hecate,
I agree about the "risk", I think the IR and FI route could be summarised more accurately as "higher" and "lower" risk, rather than high/low.
Unless you lucky to be on a salary from an onshore operator, I would imagine being a freelance pilot these days is becoming more like being an MP i.e. not on its own generating enough cash and requiring a second income stream to make it a viable option, it's only advantage is that it keeps you flying and increases your hours.
The Instructor rate as far as I can tell hasnt broadly changed since around 1985, i.e. About £45ph and inflation eroded to hell