Also with the engineering degree i wondered if studying to M.eng level would be benefical in the long run.
It will certainly help studying to the MEng level for some of the aerospace graduate schemes. I'm not sure if it's going to be of great benefit for your ambitions of becoming a commercial pilot. One thing to ensure is that whatever engineering degree you do - (if you go down that path) - make sure it's accredited.
There are a few threads on here already about what degree to do, where to do it, or if you need one at all! Do a quick search, that should throw up something of interest to you.
S