Ask HN: Career Reboot - Advice?

I am working for a large consulting company, as Project Manager for many large ERP projects. In recent years, the job demands have increased to the point that the hours are 60 to 80 per week plus travel, with no bump in compensation, and ever rising workload expectations. Furthermore, the industry looks to be shedding jobs as they offshore more work. I am seriously contemplating going independent and getting back into programming or package based consulting (I've done both), where I think there is more consistent/robust demand (vs Project Management - also, I observed that compensation is not substantially higher, if at all, for the additional responsibilities) for independents. The average independent that I have hired has come close to, and quite frequently exceeded the compensation I was making before tax.

My problem is that it has been more than 10 years since I've done that sort of work. I have saved enough funds and am very willing to quit and spend the next year or two retooling, working for low pay to gain experience. I am not a complete noob in the IT market, but would like advice or insight on market trends and related skills (e.g. - and I am making these up to illustrate - web design and programming are on a long term increase, and JAVA would be the right skill to pick up; business analytics is up and coming, and SAS is the way to go)? For context...I've spend several years mainframe programming, a few years ERP package solution consulting, and the rest as PM (certified PMP).

Also, I am thinking of moving from east coast to low cost city with high demand and lower cost of living (e.g. in Texas), with the intention of not traveling for work. Would like input on this too.