I also have GCSE's plus an NVQ and now doing a diploma. I had to make a decision so i decided to go half way and get a Diploma instead of a degree, the lenght of study is lower than a degree and not has hard, so i'm able to combine the study and flying together.
Like VFE has stated, plenty of pilots out there with basic qualifications and plenty with degrees, some airlines will look at you and say that you are over qualified, some will look at you and say that you are not qualified enough, and others will say great you a meet our requirements.
But the most ridiculous story i heard up to date was not regarding the academic experience, but a recruiter of a certain airline telling someone: "Oh your over qualified for this flying postion" ( in terms of flying hours )
No pleasing no one in this industry, so you just have to keep trying.