I used to live in Downtown Tampa and would commute to Wesley Chapel about 2-3 times per week. It wasn't a horrible commute as the traffic seemed to be more terrible going the opposite direction during rush hours.
Bayshore is a great area to live. I think it would be worth it to rent there and commute to USF. I prefer the South Tampa area as there is more to do and you are equidistant to almost everywhere: St Pete (beaches), Brandon, New Tampa, etc.