Chiming in from the outside (I'm applying just like you), but with a lot of rhyming to your situation. First, I'm a geezer at 36 and still giving it my all to get hired at a heavy unit somewhere. If I've got a chance at 7+ years older than you, I'm sure you are fine to get a waiver if you prove worthy to the squadron; especially, as others have said, at a heavy unit.
I actually got my Undergrad at FSU and moved to Austin after, then became a fireman there (although I do know a cop or two in the area) before moving up to NYC, so I'll give you a little personal advice on both of those options. FSU is a hell of a lot of fun, if you're down with living the college life, and a good school to go to. The bars are fun, the women are plentiful and friendly, and Saturdays in the fall are amazing. I didn't think Tally as a city was that bad, honestly. It's cheap, there are good food options, and it's not too far from the beach. There were some hills, there were some decent outdoor activities (Cherokee Sink, St. George Island, Apalachicola, etc.), and you could ride a motorcycle nearly all year round. I'd definitely do it all over again.
I don't know about PPL schools, but Tallahassee Airport is small enough it's probably not expensive to get lessons there and wrap up your PPL while you're in school.
Austin is also a great town. Live music everywhere, lots of young people so lots of young activities, great going out district downtown, and a metric shit-ton of outdoor stuff to do (hiking, SUP/kayaks downtown, biking, running trails, power boats on Lake Travis, etc.). That said, it's changed a lot from the decade+ ago that I lived there. I caught the tail end of it still being inexpensive and not ridiculously overcrowded, both of which are long gone now. It's gotten crazy expensive (places I looked at buying 12 years ago have quadrupled in price) and there are people everywhere. All of the cool little niche things that made Austin a lot of fun now have lines and you're going to sit in pretty terrible traffic to get there. Rents and housing prices have skyrocketed, so you're pushed further and further out (maybe you want that, though?) away from the nightlife and core activities. That also means driving to and from those activities and Texas cops don't mess around with DUIs. I know a TON of people there that got nicked (pre-Uber days; although that doesn't absolve the bad choice to drive) and that would likely put a serious dent in your aspirations; mil or civilian.
I did a little research for a friend in Austin interested in getting a PPL and it actually kinda sucks there. There are only a couple schools and rates were high (high even by NYC standards, honestly) to rent the planes. The less expensive airports were a decent drive out of town, although I guess they may be closer, depending on where you live.
If you're looking for PD, there are lots of departments in the area (and ranging from DPS, APD, and lots of school departments) and they pay pretty decent. If you have mil points, they'll give you an extra bump. Personally, if you're not locked into LE, I'd recommend giving a look to the FD side, but I'm more than a shade biased. Haha.
I know little about Dallas, except it's flat, they get tornadoes and ice storms, and it's still hot as hell. But, I know a lot of people seem to like it, so maybe it's great. It's probably better to commute to your unit with DFW there than from AUS.
So, not sure if that helped at all because both options aren't bad and I'd lean either way, but it was just striking a chord to read your options and taking this old man back in the old time machine. If it were me, honestly, I'd just start applying to units. It seems like timeframes can stretch beyond a year (maybe two) between applying and getting accepted. Maybe you could rack out your MS while you're waiting to ship out to UPT, then move to Austin/Dallas in 4-5 years after your MS and training. You'll go after those PD jobs armed with a few extra points having served, you'll have the flying still as a Traditional Reservist/Guardsman, and you'll have the MS. Why not try to knock all the pins down?