Lfc,
Unfortunately, the only school I've spent any time researching in S.A doesn't have a good reputation, so I can't recommend anywhere. For any UK-approved JAR training beyond PPL level, the school must have approval from the CAA. There is a complete list of schools with such approval
here, and I don't see your school anywhere on the list. It's possible that they operate under an agreement with another school which does have approval, but it's also possible that the training they are offering is for a South African license, which wouldn't be much use if you're planning on working in Europe. Check this out before you go any further with that school!
My advice to you would be as follows: Do your degree. As you say, it's vital to have a backup. It will also give you some good life experiences which will not only help your career, but which you'll also enjoy. However, there's nothing to stop you starting your flying while you're studying. It's very common to do a PPL part time, flying each weekend. It normally takes around a year to get a PPL like this, but if you're a poor student with very few beer tokens you can fly less often, and spread the course out over a couple of years (you should budget for more than minimum hours if you do this, of course, because you'll be flying less often). Once you get your PPL, you can continue to fly at weekends and build hours slowly until you finish your degree - and that's when you start the hard work of studying full-time for the ATPL exams and then on to the rest of the fATPL.
If you follow my advice, you won't be looking to go abroad for 4 years or so - until after you've passed the ATPL exams. But don't rule out America because of 9/11 - the rules about Visas and licenses are stricter, but once you sort out the paperwork it's a fantastic place to fly, and there are some very good schools there.
FFF
---------------