Would you enjoy your university degree? In my mind, you should really go to university, since it gives you the chance to excel in all the areas which airlines want you to. The point is that although a degree really is not a requirement for a sponsorship, although you may come across people on this forum and elsewhere who have a sponsorship without university, the university lifestyle gives you a chance to develop in all those areas which are asked about in the interviews and applications. You may have these right now, but I would personally feel that a degree would back you up and be able to give you a decent career in business should you fail to obtain a sponsorship.
Absolutely do not worry about building hours if you want a sponsorship: just keep your PPL current. For self-funding, you will find it easier to get a high-paid job with a degree, which you could do for 2-3 years, and give yourself an advantage on applications, which would fully pay for your own training, such as accenture (andersen consulting) or PWC, Goldman Sachs, Merrill Linch etc.