If you wish to serve your country, then serve. But there are many ways to serve.
me Navy pilot about to retire:
1. Yes Business Major. Key is your GPA. The Navy weighs a 2.5 GPA with an engineering degree the same as a 3.2 Business degree.
2. I was 28 when I completed flight training. I think cutoff is 31.
3. If you want to stay in aviation then Naval Flight Officer (F18 Back seater, EA6B, P-3), then Aviation Maintenance duty officer, intel, then supply...just don't go Surface Warfare (you will quit in your first tour)
4. Yes... you need flight time for the bigger paying jobs.
5. You will be flying at the local FBO to keep some kind of currency. Then regionals to get hours up...then airlines...
With that being said. I love the Navy. Had a great career................But If I knew in College what I know now.....I would find a Guard Job.....Why? You can rush a guard unit with the aicraft you wish to fly (Navy it becomes a roll of the dice at selection after primary). The Guard will send you to get trained in that aircraft...Upon two years of active service (flying) you are in the guard making money and getting a chance at regionals or corporate until you get enough hours for the airlines. Best part of all. You will only move to go to pilot training after that you are permanent. No permanent change of stations is a plus.
Hope the info helps. Would love to be in your shoes and start all over again.
Good luck.
Spanky