I think that education isn't at all needless and a waste of time. But I do think that you have to do a whole lot more than get a degree to accomplish what you're after.
I'm studying the fine art of film sound here in Helsinki and the whole program takes four years to complete. At the same time I'm working in a pro audio store in which I mostly spend my time building Pro Tools systems etc. And as of last month I've had my own little business starting up...
Whew, thank God it's Friday.