Hey chicken - you guys still running cocktails at ULU on a weds night? oh the memories...
Anyway, as far as the training situation goes, I dont really think A is a useful idea at the moment. Considering the low number of jobs available, and the standards of the jobs which are available (a lot of pilots are not exactly happy at the moment) would really advise you to follow B or C. Nothing worse than the debt the size of several large countries, having to follow route B and then having to pay out to keep various bits of paper current (know some people in that situation, and sorry but its real).
B is quite obvious, and if you have really had enough of the debt and stress (who hasnt after finals?) then good luck. Aviation is a big industry, sure you wouldnt be as happy working within it without flying? at least initially but maybe in the long term you could find something to equal your passion for flying?
C - well that depends a lot on what you are reading, and what you would take a masters in. Having done two very specialised masters I can assure you that IF its worth doing commercially it will pay you back. Its generally tougher than you expect though and if you are looking at it to back up a qualification or to transform your credentials it wont. What it can do is allow you the space to specialise and if its the right course will open some doors for you. All depends on what you are looking for. It certainly wont make you any better as a pilot, though if you do end up following another path it may leave you better equiped either to do so or to finance your training in (hopefully) a better climate.
As for the fear of becoming an academic... not with one masters
that only happens to those who go looking... and Im still hiding.
Good luck with your finals, and good luck with your flying (were you ULAS by any chance?) if you want any more info on the Masters let me know.