At 53 years old, it would be worth it for the experience, but I wouldn't stay with it full time. If I've learned anything with my latest band experience, no matter what you bring to the table, someone younger will want you out (so their buddy can play with them), or someone more driven will outplay you & you'll lose the gig.
But going to an audition for a band like that would give me all the exposure I'd want (like those who auditioned for Dream Theater). More people know about those that didn't make it, than those who follow the guy who actually got the job.
Then I'd just take the jobs that came my way by those who used my audition tape as a resume.