Further to Genghis's last, there is usually potential for second first degree applicants, particularly if their first degree is in a numerate discipline, to gain entry to courses at an advanced level, cutting the amount of time spent at Uni. However, risks are associated with this approach.
Incidentally, the worst tp I ever worked with had a PhD. Professionally active pilot-engineers aren't always what you might think. Lovely man but really could do it all himself! Having said that, you'd be a pretty rare commodity with a professional engineering qualification, active in the field and having commercial flight experience too. Go for it, you never know