I recently passed an AFR easily after not having flown for 13 years (was just shy of 400 hours when I stopped flying in 2002).
If you prepare for it properly I think you'll find you won't need any re-training as such.
What I did was:
1. Bought a scanner and listened to radio calls at every opportunity (living right next to Jandakot helped).
2. Read through all theory materials up to CPL level.
3. Read through flying training notes and aircraft handling notes.
4. Contacted my old flying school and booked one refresher flight, followed by an AFR test on the following day.
5. Planned the flight review test NAVEX according to the telephone discussion.
The refresher flight went much better than expected, as soon as I took off everything came flooding back. Flight consisted of forced landings, stalling, and circuits including strip inspection, flapless and glide approach. Every landing was damn near perfect. The flight test was easy as I'd been preparing for it for days before hand.
I'm following a similar plan to get my CIR current, reading through all the theory, training materials, laws etc and practicing IFR procedures and approaches on the PC (Elite). Then I'll book some instructional sim time, a couple of flight refreshers and then the IPC.
In the mean time I'm building C182 time so I can do a JPA and secure a casual jump pilot position. With 800 hours you could do the same but fly a Caravan instead of the C182
Go for it!
edit: BTW, under Part 61 your instrument rating didn't expire, you still have it - just need to pass an IPC to exercise the privileges. Make sure you show proof of your instrument rating on the Part 61 licence conversion form.