Distance between school and home?

No. Realistically, it will be such a barrier to reasonable travel and potential problems of being late to class, appointments, etc. not to mention the hassle factor.

It's much better to just look for on campus or near campus housing where you can walk or bike to most places you need to go. Remember, 90% of your life will be spent at your classes and home while at grad school.

It is possible, but having to travel every single day for 60 miles will eventually catch up with you, plus there's the hassel of waiting and getting home. Have you consider looking into a nearby apartment or perhaps renting a room with some friends, that way the bill can be split and its more convient for you.

Probably not. Commuting will get expense, probably around the same as housing. Why not go full time? Your going to be a grad student, it is a lot of work. You won't have the time to commute for hours a day-you need that time for quiet, relaxing study time.