Maybe it's not fair of me to call her a drama queen. We all have our needs and insecurities, including her, and apparently you fulfill a need she has, but I think she is creating too much drama, at least for my, taste, in doing so.

A lot of what you say resonates with me as I have had similar experienced.
I can't say I practice what I preach.

Don't tell her you want no contact because you are 'too old', unless that is what you really believe, which if true you wouldn't be posting this.

I guess I just wanted to raise awareness that she may create too much drama and that she may be walking over you. You are to judge that. I guess you feel that you are not strong enough to be just friends with her. So tell her that you are interested in her romantically, and that she can contact you when she is available. And that doesn't just mean her being single, but also ready for an attempt at a new relationship.

Don't tell her you are too weak to be just friends. You should imply you don't want to be friends. If she doesn't get it, maybe only then literally state it.

Sounds like you may have been friend zoned and that at some point when she does break up, and you think you will have a chance with her, she suddenly tells you she has a new boyfriend.

I think there isn't anything in your post that implies any kind of true romantic tension, or am I misreading that?