Hi,
I did SQE1 during the break at the end of my PGDL. I have not done SQE2.
My thoughts:
1) if you've done a (P)GDL there should be no need for a prep course for SQE1, there's really nothing hard or difficult to understand without teaching, just lots and lots of content, and it's a bit of a waste of time honestly doing prep courses for SQE1. IDK what the syllabus was like when you did yours, but my PGDL had SQE1-type exams for all modules (along with 2 modules with oral, 4 with written exam, and 2 with coursework). So the cost is not that exorbitant, just a few hundred for books, pus the exam.
2) Some firms are now moving towards offering apprenticeships instead of TCs, with integrated SQE. If you've done SQE at all, you might be ruled out of these. However, this is perhaps 2% of firms, so not hugely significant.
3) I passed my SQE1 at 98th percentile (FLK1) & 95th percentile (FLK2) (they don't publish these percentiles, I extrapolated them being downloading the data by doing 'view source' on their stats pages). I definitely could have been better prepared and was slightly dissatisfied with my FLK2, but I'd say overall that these are good results. Realistically first quintile (which they do publish, and which some firms ask about) is sufficient to make you better.
4) Some firms ask for SQE1 for paralegal, so it does help. Albeit paralegal still v. competitive.
5) I feel in some way that having SQE1 on my CV is beneficial and in some ways it's not, as you've still got firms hiring two years out, so it's like "what are you going to do with yourself"?
6) I can't really see that your self-funding & privilege points are particularly valid. If you can get paralegal work that would surely help!