The reason I chose Australia was the ease of getting a work/travel visa there. The Great Barrier Reef and some other destinations have always intrigued me, so I thought, why not?
I telecommute to Megacorp from my home in California, but the company has offices all over the world and I have teammates I've never met on the east coast, in Europe, and South America.
This led me to think that I could move my little operation anywhere I wanted to and still be employed. I'm thinking Ireland for a year, which is near my mother's family and close to travel sites in Europe. Maybe New York or Chicago for another year, Australia and New Zealand after that, and so on and so forth.
Would some middle ground like this work for you? What if you finished the degree, then got a job with a Megacorp that allowed you to move to various locations on a regular basis, or allowed you to telecommute? You say that you're willing to work whilst traveling -- why not get the degree first so you'll be working for top dollar in Australia instead of for peanuts?
My strong feeling, along with everyone else's, is that if I were you I'd take the trip. But there's a lot to be said for sticking it out, getting the hard part over with, and making choices with a solid work / financial foundation underneath you. Yes, you might get trapped by the "golden handcuffs" and have a hard time traveling as much as you'd like. On the other hand, I know a lot of folks who decided to drop out and turn on back in the 60s who are struggling now, or who had to finish that degree 15 - 20 years later under adverse circumstances and with poorer work prospects when they graduated.
I compare your situation to backpacking. Yes, I have to take a break every so often as I hump my load toward my destination. But I never take more than 5-10 minutes at the most, because it is SOOOO hard to start back up once you've lost your momentum.
Good luck to you no matter your choice, and keep us posted!