Your airline *should* reduce your duty days, typically it's a credit formula that works out to about one less duty day for every two days guard/reserve duty.
They're not supposed to compress a full monthly schedule into the non-military portion of the month.
But a double-commute would not be fun. If you have kids I'd say no way unless you think you'll get a major call inside a year.
If you're on reserve at the airline obviously living in domicile is best. Once you hold a line you'd be better off living at your military location...that way you can jump on emergent opportunities for additional flight time, or even SLJs for the drill pay.