Thank you for your question!
Dear brother, I believe that you described your question in a way that it is evident that you realize about this “precious Godly knowledge.”
It is my policy that I will not give my opinion, for i have no right to that; thus influencing anyone in making their own decisions in life. However, I can share some of my experiences. 🙂
1) Having time is not the issue. The issue is to know how to manage our time. I could have all the time in the world and the “good intention” to use it in spiritual matters, but I could procrastinate and waste time easily. I could have a tight schedule but I could manage to add things which are important to fit in “first.” The Drama will be helpful as well.
2) Many times in life we make ourselves to be in a “hellish” situation when we say: “It is black or white.” I have always been able to fit “exercises” of the physical body in my schedule; even if it is a 30 minute walk, because it is important for me. So the question of, “it is either work and spirituality or doing exercises, does not arise in my mind.
3) Perhaps it will help you to find out the “Why do you want to pursue a Ph.D degree now?” Once you get the answer to that question, i am sure you will know what to do…
Whatever you choose it will be good, as long as you listen to your heart.