Hi,
From what I can see, advice is one of the reasons this forum exists, so no worries about being off-topic.
It sounds to me as if the CTC McAlpine scheme could be for you, in so far as you want to be an airline pilot and don't particularly want to go and do the whole Uni thing (I was in a similar position, though I should mention that I thoroughly enjoyed the time I was at Uni).
You said that "a degree that will only lead to me leaving with at least 10K debt and qualifications for a job I really wouldn't want to do seems a bit of a waste of time". I suppose this is true on the face of things, but I think you would be gaining in life experience and growing as a person more than wasting 4 years. Like I said, this is pure speculation.
From what I know, I think you need to be a reasonably well-rounded individual (not necessarily with a degree, though 4 years at Uni could arguably be what makes some people well-rounded individuals) who shows dedication in what they do - a 'go-getter', if you like. Certainly that over a 'I can't be bothered, gimme the easy route' attitude - again, I'm not talking about you as I don't know you, I'm just speaking in general :-)
A PPL is one way of proving commitment, incidentally, but no single thing assures you of success, the whole package counts.
If you can avoid funding the fATPL I would, though not for the obvious financial reasons. Any flying school will happily sell you a fATPL course, and in terms of job prospects at the end that's pretty much all it proves (I'm deliberately putting that in black and white; it does show more as not everyone could succeed etc etc). So £XX,000 down the line worse off, you might be kicking yourself - worth considering all such possibilities anyway, even the harsh but potentially true ones.
That said, with real dedication and the right attitude I'm sure you won't encounter any insurmountable problems. And if you feel ready for CTC or any other sponsorship then go for it - and GOOD LUCK!
Rach