In your position, I'd GO FOR IT!! All your children will be in school. I'd say it's a great time to do this, and the added impetus is the fact that the funding is disappearing. I think you might regret the 'safe' option.
I have recently gone back to work but in order to do so I've had to complete a back to practice course. This has now ended and I need to find a paid job. So my choice is to get a very part time job with potential but slowly over the next few years or apply for a course at Uni that is funded and paid while I'm doing it, over a year but full time. Will end up with an addition professional qualification and a job at the end.
I have 3 DCs. Youngest starts school in Sept. They will all be in the same school for the year I am at Uni. The course will not be funded after Sept 2013. Not sure wether to go for it or play it safe.