atg,
Dont be put off by some of the cynics it's still beats working for a living. I found the transition from military to civilian OK but you have to look after yourself, do some financial research in to the companies you are applying to. No one will look after you but yourself. The pilot management are often some way down the company structure so are not always in the loop. Try to talk to as many as you can.
As for location you should be able to find a location within 45 minutes of both LTN and STN which covers you for more options (most airlines like you to be within 1 to 1.5 hours of work). Sorry if this sounds patrinising but it is based on some experience.
Good luck with the exams, if in doubt go for answer C!!!