Thank you to all of you for your quick and informative replies. I'm already an O4, and if I pick up O5, it will be in the reserves. Right now, the promotion to O5 is very low on my priority list. Good idea about combining PME and the masters, as I might be able to knock out 2 birds with one stone. I also don't see myself doing any reading for PME in between an airline job and reserve commitments post AD. As far as PME goes, it is now or never.
Lastly, I do not plan on using education benefits for the exact reason that Albie mentioned...It is not worth it for me to incur a service obligation in exchange for a few grand of tuition assistance. As far as the GI bill goes, I plan on transferring that benefits to my kids once I transition to the reserves.
Thanks again for the replies.