T.P.
I was faced with the same dilemma as you 12 years ago.Get my degree or go flying.
I went for flying right away with the intent to get my degree either part time ot through correspondence....Well anybody familiar with the life of a pilot starting out could have told me that I wouldn't have the time to do both....and I didn't.
But the flying did work out,I got my first job and built my hours up.By the time my buddies were finishing university I was working at a regional flying Dash-8's.Not long after that I got on with a Major am flying jets just like I dreamed of.I am not encouraging you not to pursue your studies,far from that,but hours and experience are very valuable assets and timing is everything:we are at the beginning of an upswing right now.Anyway it worked for me and many of my friends but I also know many many guys that did university first and have extremely successful carreers as airline pilots.
Having a degree as a backup is also an exremely valuable thing for a pilot should you loose your medical or your job...If I were to have my cake and eat it too I would go for the flying and try to do university through distance education...it's not easy and it might be tough to do until you get on with a regional (and start having a life) but I did that and it worked.
Remember that by the time you finish university the upswing could be finished.
AC prefers a degree (today anyway) but wont turn you down just because you dont have one.The other airlines in Canada dont make it a condition of employment,but not having enough hours is definately a problem...
I say go for the hours.....but as soon as you get the chance try to get that education on the side.
just my 2 cents...