I haven't actually read most of this thread so forgive me if ive missed something.
I live in the west and i go to monash. I think i can also a good perspective since im a first year student and i've only been there for about 6 weeks now.I won't lie to you, it isn't easy, however it isn't terrible either.
Try to push your timetable as forward into the afternoon as you can, it's what i did, become a master at it when the time comes. I start at 10am 3 times a week and 11 am 2 times a week. For that i have to get up at about 650 or 720 ish respectively and leave about 750-810am.So it does suck, its worse than what i got in high-school to be honest and i thought i had it bad then getting up at 715. I kinda hoped come uni id only need to go for a couple days a week and a couple hours every day, that fantasy was sadly smashed. More likely than not you will be there 5 days a week (4 if you can swing it well).
That said i kind of have adjusted to it and i don't honestly mind the actual travel, it's just getting up that early but occasionally i do miss the odd class (which is fine if you listen to the recording in my opinion anyway, most classes at Monash are recorded. I tried my hardest to avoid early classes but i have this one 8am class on a wednesday, i just skip it and listen to the recording.) Even then if you adjust your sleep patterns accordingly shouldn't be too much of a problem. (Unless you're a major night owl like me)
I tried to read non fiction books (im interested in some artsy type things but i didnt have any room so i read books like that) but i've switched to fiction (sherlock holmes ftw) and the time seems to breeze past. This might sound a bit silly to you but in the two hours it takes me, its also prime time to like read your textbook or do some small section of your homework or something. You can't really procrastinate on the train either so in the 4 hours total travel in a day you could learn a lot from your textbook and hopefully (lazily) improve your grades.
I usually get a seat on the train, make sure you get a concession card though, i got busted 3 times and talked my way out of it 3 times before i got one. I get on at stab albans station.4 hours travel is a lot of downtime though every day, however if monash is what you really want then go for it. I still don't really like the travel time and transferring to melbourne was on the cards before i even took my first regular trip to monash, all this travel business isnt helping.
In the end though it is really up to you.
TL;DR
I live in the west.
Waking up early does suck and it might even be worse than highschool for you. More likely than not youll be at uni 4-5 days a week. (I come home at 7pm most days)
Try adjust your timetable so your classes are in the afternoon, make an art of it.
It's alright to miss the odd class if you listen to a recording.
Time flies on the train if you read a book (if thats your thing) or you can read your textbook or do your work so you have less at home.