Vinny,
Yes, I believe there is still a need for the small backyard mechanic for the smaller jobs. Keep it a hobby and enjoy the few extra dollars you pull in. You can pick and chose jobs, based on the difficulty level.
If I can't tackle something, I have two hobbyist near me that helps me out. One of them is a retired Toyota master mechanic. He does some side jobs for folks and charges much less than the the big shops and does quite well for his hobby. I work on older classics as a hobby for people near by me and helps pays for my auto hobby.