Higney,
First of all, welcome to PPRuNe!
Your post will probably get a better response on the Wannabes forum. Private Flying is just that - guys who fly around at the weekend for fun. Anything to do with wanting to get paid to fly really belongs in Wannabes. But since many Wannabes also fly for fun, there's plenty of overlap.
Here are a couple of general pointers. Yes, you definitely should get a degree, absolutely no question at all. What if you just can't get a flying job? There are very few of them around at the moment, and thousands of qualified pilots are without jobs. Or what if it gets taken out of your hands completely - for example, if you lose your medical? Then you will have no choice but to find another career. Aviation is very unforgiving, and, with your whole life ahead of you, you'd be stupid not to have a backup plan. Besides which, with the possibility of war looming, and recovery from September 11th not yet complete, there's a good chance that the market will improve in a few years time - just as you're finishing your degree.
You wondered whether actual time or rep is more important. The answer is that for a particular position, there will be minimum requirements. If you want to fly for FedEx, you should find out what their requirements are as one of your priorities. There's absolutely no point applying to them until you meet those requirements - and you might have to instruct or do banner-towing or whatever other work you can find until you meet the requirements. Once you've got the necessary hours, though, knowing someone within the company is the single most important thing in getting a job - and having your dad work as a captain will definitely count in your favour.
Good luck - but remember there's no rush, not with the way the market is at the moment!
FFF
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