I too have taken the risk at 53! We shall see. I look at it this way: even if I don't get accepted, I've already succeeded by taking the LSAT, visiting the LS's I'm interested in. That, in and of itself, was an extraordinary accomplishment. I will not wonder the rest of my life, "Should I have taken the risk?"
I have spent months debating with various friends about the sanity of even doing this.
Oddly, I waited near the deadlines to apply. I understand the ENORMOUS competition from 20-somethings because of the lousy job market and post-graduate education seems to be their best option.
Could have, would have, should have will no longer be a regret irregardless of being accepted or not