It's a gamble. First, I got two bachelor's. I spent an extra 15 months in school to get my MS, then got a job as an engineer, then got cut first during corporate shuffling. I was junior. When I started flying, I was a year behind my peers. I would've upgraded in one year (pre 9/11) instead of 5 (post 9/11). However, it helped me get a job at United, and I think Delta puts a premium on it.
If I had it to do over again, I'd still get the education, but I would've spread it around a bit, eg. gotten a nursing degree (or something else aviation free and salable). Doesn't sound cool, but you can make $60-80k pretty much anywhere in the country. And people always get sick, regardless of the economy.
So you might miss a slot, an ideal job, a lot of things. But when you're furloughed (I'm on my second), you can do other things. And you can always lose you're medical, on any given day. If you get an MBA and never use it, it'll be hard to find a job after 8 years (or whatever) of airline work. I'd recommend you get the degree, as quickly as possible, in a field you enjoy and has the possibility of supporting you if aviation doesn't always smile on you.