I don't really buy the "we need loads of pilots right now" bit - I don't think that BRNC is taking many, if any more, and as Muppet says, the training pipeline is chokka as it is.
I'm pretty certain that university bursaries for RN pilot are very limited. It's a recruiting tool, and they never have a problem finding enough applicants for aircrew. £1,000 a year is nice, but it's not make or break.
You can apply for a bursary after you start your degree course, of course. Frankly you'd be better off on UAS/URNU or OTC, where you get paid anyway, and pick up useful military skills and knowledge. You could even join the RNR/TA, as you can't be mobilised while an undergrad, but the training and experience will be very good. A lad from Pprune was in 4 Para (TA), and found OASC and AIB quite straighforward. He's now back at Cranwell on groundschool before he goes to EFT.
Get the degree, get the military experience, and go back to the ACLO in 2.5 years time. Looking at the defence spending muddle I can't see that you'll be too late for the F-35-inpired recruiting drive - if you are good enough you'll get in. Don't forget the AAC, either. Max age 28.