Well, I have decided - I am definitely going to apply to do my Masters by research. The research proposal is all mapped out and I am waiting on word from my potential supervisor if it still looks like a viable project. And I have started filling out the reams of required paperwork that have to be in by the end of May.
The prospect of this long-term major project still terrifies me in some respects, but it is an opportunity that is too good to pass up.
Fingers crossed that the university still likes me. :)