Thank you for posting. The challenge that you'll face in the admissions process is two fold: 1) you come from an overrepresented applicant pool (Indian Male IT professional) and 2) your GMAT is slightly weak. If there's anyway to improve your GMAT score before applying, I'd suggest you do so! If not, I'd say that LBS might be a stretch.
As to whether you apply to one year or two year programs, that is really a personal choice. There isn't anything about your profile that tells me one way or the other -- it depends what kind of experience you are looking for. If you're trying to switch careers, I recommend a two year program, (benefit from internship, etc.), but if you want to get through it quickly and/or stay in a similar field, could go for 1 year.
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