First of all I'm sorry you find yourself in this position.
Quote: Is it still worth my while to try and restore a R with her and how should I handle this.
My honest answer: Probably not. I know where you are coming from, especially if you have children. I too held out some hope when my first marriage failed. My opinion is that this long out from your divorce and with another guy in the picture you are probably the only one that even thinks about your past marriage. Once I was in a R with my current wife I no longer thought about my ex.
That's not to say there is absolutely no hope. Just saying all you can do is work on your own happiness and create a complete life for yourself. Become a complete person that no longer pines for your ex-W. Do things that improve you. If there is any possibility of remarriage/reestablishing a R with your ex it will only come from you drawing her to you through your own self-confidence and heightened attractiveness. Maybe somewhere along the way you'll find someone else that can appreciate your positive attributes.
I know from experience...you should ask yourself what exactly it is you want. Do you want this woman because you can't have her or because there is actually something worth wanting? Is there anyone else in your life? Are you dating? I pined away for my ex until I found someone else and then I realized it wasn't her I wanted. I just wanted my family back together. There really isn't much about my ex that I find likable. I know that was kind of a non-DB type response and probably not the kind of response you wanted. But I think you'll be happier if you just concentrate on yourself and your happiness, put your best foot forward if you interact with her, and if she is attracted again to you then so be it.
In the end, it's not the years in your life that count. It's the life in your years. Abraham Lincoln
It is hard to fail, but it is worse never to have tried to succeed. Theodore Roosevelt