While I certainly don't want any more children and I am younger than your friend, I would embrace the child and raise him or her the best I could.
I have a 29 YO daughter and a 7 YO daughter. I love them both the same. The difference is, I am more financially set with the younger one. The younger one is in private school while the older one went to public school. The younger one is in two sports while the older one was in one. They both kept busy just about every day of the week with school and sports. So my finances had no bearing on my love for either one of them.
At the same time, I have twin sisters with schizophrenia. That didn't stop any other family member from having a family. You have to deal with life as it comes.
So you ask for words of wisdom. May I first suggest to you that your post appears to be heavily weighted with negative aspects of the pregnancy. You fail to mention, children bring out the best in people. The baby could be beautiful, healthy, smart, and fun. What IF she terminates and throws out a gem of a human being.
If you think she will be unhappy if she has this child, how happy do you think she will be with a termination. People get over things like that, but at the same time, they hang in there and manage with what is put before them.
Last, I have noticed the majority of parents at my daughter's school are a little older. They all appear to be very proud and happy parents. I don't see anyone leaning on the post moping about how old they are and raising that child running to them across the field.
Wishing you and your friend the best.