Personally I would choose option #1. Get trained so that if an upturn (and hopefully subsequent pilot shortage) occurs you will be all done and dusted ready to start at a moment's notice. If you start this Summer you will be ready hopefully for Winter 2003. Winter is traditionally when the recruitment gets done.
If you are trained and the industry is only just beginning to turn round job vacancies utilising your degree may be forthcoming. Train now worry later.
Just an opinion. Note the use of 'hopefully' and 'may' in my above paragraph. Good luck.
sB