I have been studying guitar for about three months. I’ll be eighty next year. No, it’s never too late. Find that chords are as much a problem as learning the notes of the fret board, because of problems with finger positioning to prevent buzz or muting of adjacent strings. So, I don’t see that much advantage of concentrating on chords at first. For me, chords can be more discouraging than practicing single note songs, at times. Sometimes I think I would do better with a Classical Guitar with a two inch nut. That would spread the strings a little. My hands are large so I don't have a problem with reaching the sixth string. Am using a cheap ($200) Epiphone Electric guitar which seems to work out well as a learning instrument.

There is an excellent guitar course from Legacy Learning Systems with Steve Krenz as the instructor. http://www.learnandmaster.com/guitar/ If you already know music theory, there is a lot of repetition in that area. But if you don’t have time or schedule consistency to work with a local teacher, that DVD course is a great way to get “personal” training in a structured way.