I've been playing guitar for 45 years. I have even taught. BIAB helped me take my electric guitar playing to the place I've always wanted to go. I had a lot of head knowledge, but, as you surmise, putting it into action with a rock-solid rhythm section (albeit in a box, lol) will do wonders for you.
I can't think of a better way to use your education budget. IMO I'd get the UltraPlus Pak and an applicable bit of guitar software. (See Other Software on the home page.)
Welcome to a great community. I know others will chime in here, so you'll get a lot of perspective, and there will be plenty of help and advice from the friendliest forum I've found once you get started.
Richard