Yes, it's fine. It's correct and it sounds to me like good, natural written English.
"Pursue" is spelled with two u's.
In order to make the structure parallel, I personally would write "to pursue," so that in both cases we have the complete infinitive:
"More and more college graduates are opting to seek jobs rather than to pursue advanced degrees."
That may not be an improvement--that may be making it worse. My version may sound pedantic or stilted.