Do you think the Church-Turing thesis (anything that is computable is computable by a Turing machine) indicates that machine consciousness is possible?
Only if you assume that consciousness is a computation, which is assuming everything.
I normally try to resist this topic, but what you're saying here tugs at my heart-strings:
I'm now a little concerned that it may all be a waste. I'd prefer not to waste my life on something that turns out like the phlogiston theory.
Consider the total failure of algorithmic approaches to even begin, even pathetically, to replicate anything recognizable as consciousness. Were the people working on it dumber than you?
Try to find some way to control for the geek fantasy factor, in yourself and others, before deciding what to do.
(By the way, now I'm curious: what was it that led you to "the scary idea that machine consciousness may not be possible"?)