Regarding getting the degree-
It may be a tossup whether the degree will actually help or not, but a surprising number of airlines require a degree, and it will only be a matter of time before that hits the helicopter world too. Right now there are a surprising number of helicopter pilots who have no degree and no intention of getting a degree. Does this hinder our technical knowledge and ability to make things better? Not sure, but it would be an interesting study.
Unfortunately if it is shown that a large part of the operators not having a degree does hinder the overall technical picture, it's way too late to do anything about it.
Get the degree - you never know when it, and the knowledge that went into it will come in handy.
(from an engineering degree holder)