Active duty has traditionally been very competitive and degree is not critical but GPA and AFOQT score and leadership/job history determine much of how you look on paper. You have way more hours than most applicants. I usually interviewed applicants in three flying categories...25-100, 200-300, and a few with 500 give or take a hundred. Most had less than 100. Boards happen about twice a year and the AF gets enough applicants under the current numbers to be very picky. Unfortunately you can make it all the way through the selection process and they won't give you the final flt physical until after the final selection board and may then find out something is medically disqualifying.
Get moving on either path now...age could eliminate you from UPT in a few years and it could take a year or two to get it all lined up.
One person that got selected for AD is just finishing up T-38s and got a call from a reserve tanker unit last month that he had applied to over 2 years ago. He shipped to OTS 2 weeks before the AD age deadline and we had to work an eye waiver for him at the last minute.