What would you say the feasibility would be of starting and running a business while on AD? Do you think I would have adequate free time? ...should I wait until i'm 32 and in the reserves/guard to start a business?

IMHO, there is no way you could devote the amount of time a AD job demands and try and run a business. I am AD and my father owned his own pharmacy, so I have seen how much time that takes. If you try both you will risk F'ing both up and being nowhere when both fail. Plus out a whole lot of money. If you want an easy business, have your wife buy clearance rack baby clothes and sell them on eBay. Trust me.

I know of two people who attempted to run a business while on AD. Both failed within the first year, one of them even had his wife attempt to run it! I do the Ebay thing and do some house repair stuff on the side but nothing official or worthy of being claimed on taxes!!! I would say good luck as long as it doesn't cut into your AF time, you wouldn't want someone else picking up the slack for ya because you're distracted by a secondary business.