definitly go for the scholarship. seniority at a regional IMO is not really going to be a big deal since you probably dont intend to be there for life and it tends to be a revolving door.

if you really dont want to lose any time, consider renting airplanes in your free time down in Australia, build up the mins for a regional, and by the time youre done with school, you can roll right into a 121 carrier. Kill 2 birds with 1 stone!