The 26-year-old recovered from the cruciate knee ligament injury sustained in Scotland's RBS 6 Nations clash with Ireland in March 2004 to be named in Sir Clive Woodward's squad for the summer tour of New Zealand.
But the Edinburgh Gunners number eight was forced to withdraw before the Tests began with a hamstring problem which flared up prior to the trip to New Zealand.
Taylor told The Scotsman: "When I joined the Lions at the pre-tour camp in Wales, I felt brilliant and, for the first time in over a year, felt I could do anything.
"And then, towards the end of the week, I pulled my hamstring in training.
"It was very hard psychologically because I'd put so much into that year getting back, and taking everything at the right pace, that I did wonder what I was doing.
"I remember saying to the Scotland and Lions physio Stuart Barton that I couldn't see the point of it any more.
"It seemed an awful lot of effort for it to vanish just like that. You wonder whether it's time to cut your losses.
"I've always been aware there's life outside rugby, and, with a law degree, I had an alternative.
"But, over the next couple of days, my thinking changed. I was told it would heal quickly and so I went with the Lions and hoped for the best."