The modular route might be cheaper, and a good option for those that can afford the time. But not necessarily for those that are on the cusp of potentially being too old for employment. i.e. Late 30's and early 40's.
On what grounds are people in their late 30's and early 40's potentially too old for employment ? I get what you are saying but I think this kind of statement doesn't help anyone, and is the mindset we should be getting away from. Imagine if someone said something similar in relation to race or sex, there would be an uproar. If you have the relevant licences and medical I don't see why anyone should be deemed too old for employment as a pilot.
Yes we all know it happens in the aviation industry, where age discrimination can be easily dressed up as some other reason not to employ someone, hours, experience, etc. I admit I have a vested interest here in that I am one of those older pilots trying to get a foot in the door, seeing all those young guns around me lining up interviews while I am left on the employment shelf. It's clear the only difference is age in many cases, and it is very frustrating. I've heard learning ability often quoted as a reason but there are many mature students completing degrees and other qualifications all the time. Each individuals ability to learn is differerent, and airlines should recognize this. Alas, while there is a glut of young low houred pilots out there, things won't change.