Are you kidding, cleveland? If your race has no access to any cavalry and you don't have much resources in the region, I say recruit them. They are great if used properly, so put them on the flanks and let them rampage through archers and mages.
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Even at the best of times I think light cav are unlikely to recoup their gold cost in terms of damage dealt. It's possible, but that's true of almost any unit.
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Not to mention that how much position troops (and cavalry especially) to the sides and set them to attack rear they usually end up attacking the sides of the main body of troops advancing towards me. Very rarely teh actual rearmost units are reached
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If you don't let the enemy advance first they will not attack the rear as the rear is still the enemies in the front rows. So the solution is to put them way back and set them to either hold and attack rear or guard commander, and then set the commander to holdx3-4 and attack rear. All depending on what enemy you face. Works pretty well if you do it right.
Light Cavalry are also good raiders and pillagers.
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