"Parents will be paying for the flight academy. It is still far cheaper than a four year."

What 4 year schools are you looking at? Assuming you are looking at flight academies like Pan Am and ATP those are pushing $80,000 for their programs if you finish on time. That is not chump change. I can find plenty of 4 year colleges that don't require that much.

"I will CFI around my college schedule"

How do you figure? Flight Students fly during the day, you'll be in class.

"The money I get from instructing will go to my tuition."

Again, how do you figure? You'll be in class and not flying much, I bet whatever you get from flying will be going towards food and the gas in your car. You are paid by the hours flown, not a salary, the less you fly the less money you make. At the airports I worked at as a lineman, the CFIs were also doing lineman jobs and office jobs to supplement their income for those rainy days they didn't fly, can you work that in too?

"I can always instruct or do charter flying for my local FBO."

You have to get hired first! And chartering isn't handed to you when you start as a CFI, you have to put time in to get those opportunities.

Listen to what these guys are saying, they have been there and know what they are talking about, you may like your plan now but 3-5 years from now things may (And probably will) change. I had a plan like you and lets just say it changed A LOT throughout the last 5 years.