As far as where you serve, you would be assigned to a particular unit at a particular location, so you would have to plan on going back each month to that locations for your drill.
With regard to deployment, my understanding (I am previous Army going AF Reserve so not 100%) is that you have a sort of "on call" period, I think they called it a "bucket" where you are subject to deployment. From what I was told, most of the people who have deployed from my gaining unit did it voluntarily, but I am sure not all of them. Of course any time you are in the reserves you are subject to deployment-- obviously that is the purpose of having the reserves! But I think they have worked hard to provide some sort of order/predictability.
Sign on bonus depends on the job you take in the reserves. Some positions are harder to fill and therefore pay a better bonus that others. It also seems to be in a constant state of change, so you would best ask a recruiter.
If you check out the GI Bill website you will see the rules-- I earned mine on active duty so it was a little different and I am not sure how it relates to reserve service. The Army definitely has programs like STRAP that pay for education while you serve, I am sure the air force has equivalent ones. If you haven't already, I would start talking to a recruiter. The process is very long. Good luck!