It's a tuff question. Both approaches do have their pro and cons.
Then again you have got to look at your own situation:
Where do you what to go?
How far do you want to go?
Have you got the cash to pay for Uni aswell?
European airlines will not turn their noses up when you lack a degree. They are more interested in if you can handle the position of manager, Oh and can you fly the silver thing!!
From what I have heard from flight schools, it is not always the Uni grads at the top of the class.
Degrees are great for when the sh$t hits the fan. But then again, you want to be a pilot, so CONCENTRATE ON IT.
You can always go later!!!
Good Luck