I have never been through the Massey flying school, but I do hold a degree from Massey though.. I'm sure I can answer some of your questions..
After completing the Massey course what sort of job would i likely be able to get, would it be at the morning herald delivery flight level, higher? lower?
You'll likely be looking for a job along with anyone else with a new CPL along the lines of glider towing, parachute dropping, intructing or if you're really lucky a job scenic flying. In NZ you can't fly Single Pilot in GA IFR operations until you have about 750 hours total time, so if you finish your Massey degree with about 200 hours, you're going to have to find about 600 odd hours before you'll be let loose in a light twin by yourself.
What is the likelihood of a company like Air New Zealand hiring someone out of Massey in 2014?
Slim to non existant. Air NZ won't be hiring until about 2016, and there are a large number of pilots already working for Mt Cook, Air Nelson, Eagle, Vincent, Air National who are looking at a job with Air NZ - those pilots are likely to have thousands of hours experience. Air New Zealand won't hire a fresh CPL pilot - their minimums at the moment are 2000 hours total time but most people will have a lot more than that.
If you want to do the degree - as you pointed out it is helpful to have, you may want to think about doing a degree in a totally different field (ie Engineering, accounting or whatever takes your fancy), before you take up flying - then spend the money at your local flying school or aeroclub.