Nice to hear back from you mcfly87!
You have some very valuable thoughts and this counts a lot. This sounds you are not somebody who takes anything it comes. I want to say you are thoughtful and you consider every aspect in what you actually choose to do. That's very important and keep on like this !
You are the first guy I have met having a substantial amount of hours in gliding which is very very important for every pilot to consider doing. Even me I consider doing that but maybe in a later stage. Also if at the end you decide to take the test pilot route you will realize that all the experience you have gained previously especially in gliding would help you a lot.
Of course an extra degree in the Aerospace Era would not harm. It will take you a step closer to what you actually want to achieve at the end. Not forgetting, competition would be always always always an obstacle in what ever you choose to do. Even with a good degree at a top notch modern university again you might end up doing something that has not the best value to you.
The first impression you gave me is that you want to become a Test Pilot at the end...someday. Now believe it or not that's what I want to do as well so we are in the same boat and both are struggling to find the best way to go for this. It will take a considerable amount of time and it is not easy.
Money and age is our big contributor.
mate we just need to keep on hunting for the best opportunities and take decisions immediately. To be honest ERAU is one of the best options to go with i don't know i just have a positive feeling doing anything related to aviation with them.
It may cost more that you are willing to spend but at the end it is a better choice and a better investment.
Your choice is entirely yours at the end and don't forget to consider every other possible option.
All the best for you in the year 2015 and please keep-on expanding this thread as it is an interesting subject.