I'm in somewhat the same boat, and while I didn't look into it TOO much, I do seem to remember hearing there is a cap on your monthly allowances. BAH is paid to you based on where you are just as if you were stationed in the area as a recruiter, then tuition is capped at a certain amount depending on how many classes you are enrolled. You won't see the 7-8k / month that is required to do full time pilot training. The way it was explained to me, you'll be looking at 10x the time to complete the training if you do it based on the $1500 or so montly cap the GI bill offers, plus you'll have to do college to get the money (and who the hell needs college
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I paid for my PPL and did the 60% reimbursement for the rest. It's the only real way to get the GI bill to help you without screwing you over. I saved money religiously during deployments and it worked out fantastically. And believe me, I'll be getting every add-on I can find for the next few years, at the low low discounted price of 60% off.
Also keep an eye out for "Avotec" which is a program that ran last year on a trial basis and may get done up again this year. It's $4500 free through Tuition Assistance to go after an "Aviation Vocational / Technical School". Only catch is, whatever rating/license you say you're using the money with, you have to have it completed within 18 months or they want their $4500 back. I know quite a few people who used that money to start their training. Check yer Ed Center.
-Mike