Hey Flyinglow
Let me tell you about my experience. I was in the almost exact situation ( Bsc looking to do the masters ). Decided to go flying instead.
Got my first 1000 hours flying skydivers ( if you're in the YYZ area, there are alot of clubs, and now is the time to talk to them for next season ) after that, I bought alot of beers ( let me explain ). During the winter, I bought a copy of JP fleets ( the bible if you're looking for that first job ) and called every operator in the Canada section. I then got into the car and talked face to face with anyone I came across who might have a flying job available ( Thats when I bought the beers ) I even went to Vancouver for a day trip because of the possibility of a job . In the end, I got on a Metroliner with 1000hrs which started off my aviation career.
Now Im sitting in Dubai on the B777 and having a great old time. Its a great business. Keep at it.
BTW - Emirates Airlines pays for the MBA ( which Im starting next year )
Good Luck
FB519