Yes, they would let you, if you get recommended from Jerez or Oxford to an airline and pass, and they are still recruiting. Is conceivable and has been done, but I would be more wary about the timing: that is having a full licence with low hours even by the beginning of 2004. However if you have the cash and are prepared to risk it then you may just about be in a prime position, however if things really massively change in terms of consolidation of airlines/BA cutting itself up, then university and backup career would be better.
Of course we would all make the right decisions if we knew what will happen.
Good luck