I was just hired by a regional. I won't say what my times are, but I will say it was nice to have a degree going in to the interview. My degree is in history (which is worthless) but it was nice to answer yes to the question "Do you have a college degree?" I do think it would have been better for me to say "Yes, and it is in professional aeronautics" (or some related field) From what I've read on this board, Regionals are just as posted, preferred but not required. Majors on the other hand... most are required when they say preferred. As for the masters degree I had a thread on that a while back. I think you have a great foundation in the academic world and I can't argue with a degree in aviation.
Best of Luck