You definately want to live at either your airline domicile or your reserve base.

I live near a large concentration of naval forces, and commute to the airline. This ensures that I can always find a reserve job near home. Also it turns drill days into bonus days for my family...I'm home in the evening when I would often otherwise be on an airline trip.

I also try to do military admin and training while on the road with the airline...not working out so well right now since my current job involves a lot SCI level stuff.