Kurt,

You might check with Birmingham Theological Seminary, a seminary that is approved by the PCA for ordination purposes; they have a distance education page here:

http://www.birminghamseminary.org/disedu.asp

A quick glance at this page indicates, if I understand correctly, that one COULD probably complete much, if not all, of a Master's of Biblical Studies via distance education. But you might contact them and see where they are now in this area.

Theo