This is what I'm planning to do:
I'm graduating this May with a BS degree in Mechanical Engineering. I'm planning to work as an engineer for a while and use my paycheck for flight training. I hope to get most of my tickets in the next 2-3 years. Then i'll start instructing do other things on the side to get the hours. Once the economy and hiring shot up, i hope to be in a good position to be hired and switch to a permanent flying career then.
As for your case, I think a MS in aero engineering is probably a good way to go. Or may be get an engineering job and finance your flying. New grad should earn about 55-65k/yr... with enough passion for flying (save all you can), u'll be able to pay for all your flying within 2 yrs... Then you can go back to school for master or phd and instruct on the side... Just my .02 cent. In fact i'll think i'll get back to school for a master within several yrs too...
Best regards,
VD