Doesn't matter what you ran when you were young. You have to discover what level of runner you are all over again--you aren't just dealing with "natural" ability now, you have to factor in longevity (the two do not go hand-in-hand) and age. A few tips:
1) Throw out the time frame. You have no idea how long it will take your body to adapt to training. Personally, when I started running again at age 39, it took me 5 months just to run 5 miles without walking.
2) Delay the diet. Your chance of successfully launching a new running program decreases dramatically if you try to make too many lifestyle changes at once. You need calories to fuel your new program--both the workouts and the rebuilding during recovery. Besides, in a few weeks/couple months you'll be training a higher volume, leading to better fuel storage (carbs in your muscles), a higher metabolism post-run, and an easier time making the diet work.
3) Start with walk-jogging. I'm serious. Your connective tissue adapts more slowly than your muscles. Your muscles adapt more slowly than your nervous system (most gains in the first few weeks are nervous system gains, not muscle or cardio gains). Sure, you can run on your first day. And your nervous system might even cover for you--for the damage you're doing to your muscles and CT--for a few weeks. And then, wham!, you'll have shin splints or knee pain or Achilles tendinitis, and some bozo will tell you that you need new shoes, when really you just needed to give your CT and your muscles a head start on adaptation.
4) Include a low volume, moderate intensity resistance-training routine into your program. Treat the exercises like a vitamin pill, not an Olympic competition. Strengthen all the muscles involved in driving and stabilizing your stride. Add in some injury-prevention exercises (towel toe curls, heel dips, etc.).
5) Progress to easy running after a couple weeks, and then begin to include things like strides and moderate hills soon after. And then progress to fartlek, reps, some easy form drills, etc. Sticking to distance pace only will sabotage your program. You aren't a single running unit, with your entire unit affected equally by training. When you run only distance, you train only slow-twitch muscle fiber and the physical components that support it. You don't train intermediate fiber. You don't train fast-twitch fiber. You don't teach your nervous system how to create a more efficient stride. You don't adequately stress connective tissue to generate the adaptations you'll require to succeed in a long-term program. Etc. It'd be like planting a field and then only watering the same third of it every day. You keep waiting for the rest of the field to grow. But it never does.
6) Don't have a goal time when you start. If your goal is too fast, then all the great races you run between here and there will be disappointments. Instead, enjoy the journey from where you're starting today--out of shape--to where you're heading--fitness--every step of the way. You'll have more fun that way, which means you'll be more likely to achieve your optimum performance.
7) Join a local running club. Seriously, even if your legs won't carry you to the times you want, your clubmates will nevertheless make the experience a positive one.
Okay, good luck to you. FYI, my new book, The Born Again Runner, is all about starting a running program from scratch or starting one over after a long absence from the sport. You can find it in bookstores or online. And one more FYI, it took me 18 months before I was finally ready to run my first race as a masters athlete. It was an okay race, but not great. However, by age 46, I was able to run 14:34 for 5000, and at age 49 ran 14:45 for the same. Sure, I'm lucky with the longevity genes, just like you were with the talent genes when you were younger. But I was also patient. I started running to improve my health and my lifestyle; the times were just a pleasant surprise. Start running because you want to run, then wait and see what the future holds as far as performances.