You can't formally switch from the PT program to FT. However, on campus recruiting for FULL-TIME employment is available for PT students. What is limited to FT students is internship recruiting. However, I know a PT student who was able to source his own summer internship. Hit me up on PM and I'll see if I can put you in touch with him if you have questions.
Also, being 34 won't prohibit you from getting into a top 5 MBA program. I know several over 30 applicants who did just fine (including me).
The Brain Dump - From Low GPA to Top MBA (Updated September 1, 2013) - A Few of My Favorite Things--> http://cheetarah1980.blogspot.com