It's true that it's hard to balance consulting and product as a bootstrapping product startup. I used to get hung up on trying to explain how doable it is while acknowledging the pitfalls. Now I think, if you're not sure which way to go, put aside the product and just get a consulting practice up and running. Don't try to balance it. Don't worry about how you'll fit product into it.
I think you'll find that starting a product (or multiple products!) from a consulting practice is much, much easier than trying to do it by quitting a full-time W2 job. Meanwhile, probably about 40% of the work you do in your consulting practice is going to apply directly to your product company --- you'll learn to sell, to bill clients, to hire, to run payroll, and (most importantly) how to work with your team members.