I've decided to attempt to suspend my studies leaving me the option to return in a year. This way I can spend a year on my own work and see how well I do with it, and by next year I'll know whether to complete the honours year. I do hope at the very least I've made it clear that I'm not a quitter just because I'm choosing not to finish.
I did something similar, worked for a pro studio for a year before finishing up my undergraduate degree. Did me a world of good both in terms of mental health and in overall life outlook. I do recommend getting out into the real world and getting a job though, not spending a year exclusively on your own work. That is not a productive thing to do. Your best experience and learning will come from interaction as part of a team focused on creating a real world product.