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I spent a couple of years training to do automotive repair work, but the most anybody makes doing that is maybe 50,000 to 75,000 IF they're extremely lucky. (I was making 23,000) The market is failing, really, and it's extremely difficult. Not to mention you have to buy almost all your own tools. So I decided I didn't want to do it anymore.
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This doesn't necessarily sound like enough reason to give up. Do you enjoy auto repair? Could you find some chain repair shop that will hire you? Then they'll have all the tools and materials you require? You won't make as much as striking it out on your own but I imagine it must be >$10/hr, and perhaps more interesting. Maybe you just have to move to the right city where there's a shortage of people to make it work...look for boom towns. $50-75k/yr doesn't sound that bad to me...isn't that enough for two people to have a tight, but still middle-class lifestyle?
Alternately, maybe you can transfer those skills somehow. Like become a repairman to some more specific technology. Maybe Maytag would foot the bill for a 6 month washing machine repair course, and then give you a career that way? Or get into a trade, or try construction, really good money there.
If you're really unhappy and school is really the way out (not grasping at straws), then see if you can stay @ home and have your wife work part time at least to help you through it.
Jam it back in, in the dark.
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How Unfortunate