[FallDamage]

In terms of skills development, do you think that sketching with pencils will result in superior gains? I�ve been getting more comfortable with my tablet as a sketching tool for anatomy developments, and I�m drifting away from my sketchbook again.

Just out of curiosity, how are illustration schools and art colleges these days in how they receive digital portfolios with limited traditional skill supplementations?

I want to be as strong as I can reguardless of how far I'm able to go with it, whether it remains a hobbey or becomes something more serious.

[Radiumflux]

In my opinion, all visual arts are interrelated to varying degrees.
Sketching on paper will reinforce your digital painting skills, as will sculpting clay, etching metal or any other medium you so choose to work with.
While some media will have a greater impact than others, you can draw knowledge from them all. Certain media such as painting and sculpting compliment each other very well; said example in my experience helped me think in 3D while drawing and painting, and break down complex 3D objects I was sculpting into planes and blocks.
While a portfolio consisting of multiple media is always a good thing, displaying your understanding of value, rendering, lighting, and form is generally more important. The purpose of a college is to teach, if you can demonstrate a strong artistic talent, then you can learn what they have to teach. If they do reject you for having a portfolio consisting of digital work, and that is your intended focus, is that a bad thing? I would generally say no, that college probably was not for you, and you would be better off somewhere else.
If you are going to go fully digital, do realize that there are still a lot of people that know nothing about digital painting. Providing stages of process from start to finish for at least some of your digital work is essential in case the person reviewing your portfolio is clueless about digital art.
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Yeah, but what happens when you refine your tastes so specifically that they don't exist?
At that point it is your duty to bring them into being.

[FallDamage]

If I did put a portfolio together, it would probably be a mix of pencil life drawings, pencil charcoal studies and digital paintings.

You make a lot of good points though radium,; if they frown on digital,you're right in that it's probably not the school for me.