I did pretty much what you are talking about in relation to doing a degree and learning to fly but I did a full year and a half of my degree before starting lessons. Flying is addictive and once you start you don't want to stop! So I made sure I was half way through the degree before starting. I still finished my CPL and CIR before I finshed the degree.
The other bit of advice I would give is to fly during holidays and when you are studying-study! Trying to mix both is too hard and will only detract from your performance in both.
One more thing, I found that the airlines are the ones who seem to appreciate degrees but most GA companies seem to frown slightly because it indicates you are totally focused on airlines. Although this is probably true, you need to have everything pointing the right way when trying to get that first job. For that reason I now leave my uni degree off applications to GA companies.