Lest you haven't already deduced this subtle fact, there is a certain contingent here that is none-too-warm-and-fuzzy about holy matrimony.
I'm a civilian, so I can't help much with the co-location business. I've seen people do it (mostly pilot to pilot, though I knew a pilot-NFO couple and a pilot-SEAL couple) and generally they've mostly ended up in the same places around the same time, but not necessarily on the same deployment schedule so while they lived in the same place, that doesn't mean they saw each other much. It looks damn hard, but some of them have made it work. Others haven't.
Trophy Hinge and I were dating/engaged in flight school, not married, but it wasn't really a big deal. He was busy. I got that. He didn't have a ton of time to play with me. I found ways to occupy myself. (This, by the way, certainly didn't magically change after flight school.) It was fine. The day to day life was me hating the shithole that was Milton; looking unsuccessfully for a job for the few months I was there; playing on the internet; reading a lot; quizzing him on EPs and trying to find creative ways to do so; having him come home late/get up early/both; knowing that when he got home, we'd probably eat together, maybe chat a bit, and then he'd be studying again and I'd need to find something to occupy myself; maybe catching a movie on the weekend, and having lots of sex because we were broke and that was free. (We are no longer broke, but I'm still cheap.

) It really wasn't much different than life after flight school, when he isn't deployed.
I was also planning our wedding (which was in CA, while we were in FL) and I managed not to bother him with things I knew he didn't give a shit about. Or I'd ask him, "Do you care at all about the menu?" and either he didn't or, if he did, I'd narrow it down to a few choices and ask him if any of them worked for him. Our wedding took up probably 10 minutes a week of his time. I guess it helped that I couldn't have cared less myself about what the forks looked like or whether the bridesmaids dresses would match the tile on the floor of the reception hall. I guess the point is that you have to know he's going to be busy, and you can't be offended that your wedding, or the funny story about what the cat did that day, or the crappy conversation you had with your sister, or whatever else just cant be his priority. It may be important to him, but he has more urgent matters to attend to. Again, this isn't going to change after flight school. You accept it and move on and learn that when things are crazy (which is always), you have to edit yourself a bit. Demand his time when necessary, but help him out by not making him choose you or the stack of fitreps he's supposed to edit by tomorrrow, when it isn't necessary.
There aren't a lot of pros (a bit more money in his pay check), but there aren't a lot of cons, either. I'd say you should pick your wedding date based in when you feel ready and want to get married. If you do it in flight school, JoP is probably the way to go, as it isn't especially feasible to plan a big shindig. Some girls can't give up their princess day dream wedding, in which case flight school isn't the time to do it. Then again, neither really is any other time while he's in the Navy, but in my experience, the FRS was at least slightly easier to plan around, though with you joining as well, things could get more difficult, not less.