Hi I'm currently doing a distance learning course with Bristol. I find it ok the only thing that put my off with the full time course was the cost difference.
Distance learning is ok if you are fairly motivated.
I know someone who did a full time course at Oxford, passed first time, and also know someone who did distance learning and passed first time.
Have a chat with a few of the instructors at your club, they have all done the exams some how, they should be able to sit down and chat with you.
As for flying for a living, a lot of hard work, but well worth it and lots of fun, no question in my mind!!
See you on the Flight Deck