It depends on the person, whether they can handle driving back and forth every day.
Some people can handle it, some people can't and only you would have the answer to this question I'm afraid.
I go to Uni either by bus or car.
By bus it takes me an 20-25mins to get there, but coming back (as its rush hour time), it can take me an hour!
By car, it takes me 15mins, but again (as rush hour strikes) it takes me 30mins to get home.
It all depends on what days I have lectures and how long I spend at Uni and etc.
I walk it at the mo as it is only 10 mins.
If you can get a train I'd stick with that - as you say, you can study. Also, it is safer, greener and more relaxing!
also it depends what your unis parking facilites are like.
ive known people having to spend so much money in car parks because theres no spaces etc so id be careful with that. saying that, it can always be useful if you're late!
no you should live at the uni, u will not like going out and having to travel back all drunk and stuff. in the halls you are going to meet a lot of people whereas if you're living at home its more complicated but possible.