Hi Basil
I read your initial post with some interest. I was in a very similar position to your own. I started full time training age 39 at a well known integrated school and finished my training in 2010 just as recruitment slowed down stopped in aviation. It took me a long time to get a job and it is painful! You will need to be very resilient and there are many obstacles along the way that you will need to overcome. You are going to be up against it but clearly a commercial career is possible.
You will be up against some very switched on/capable/quick learning people who are attuned to learning volumes of information quickly. It came as a shock to me how much longer it took me to 'take things in'. You catch up and learn to learn but this can hit you hard.
Don't put too much emphasis on 'life experience'. My CP said that he translates that phrase as 'takes a bit longer to make the same decision and at 500mph time can be precious'.
Like it or not, the majority of employers will not look at you seriously...you will be viewed as a training risk.
I don't wish to put you off but you need to make a fully informed decision.