I do not know enough about your background to answer your first question, however the following are a few notes:
1. In general, business schools like to see candidate's with at least 2 years of experience.
2. They also like to see candidates who have reached a 700 on the GMAT. Admissions teams focus on your highest score, so do not be concerned about any negative implications for taking the test again.
3. Admissions teams are looking to cultivate future leaders, so any leadership/management experience you have will be important.
Masters programs provide a very different experience than MBA programs. One is not necessarily "better", but rather it depends on what you are looking for.
Conrad and the Stacy Blackman
Interested in a free 30 minute consultation with the Stacy Blackman Team? Sign up here: http://stacyblackman.com/contact
Stacy Blackman | Stacy Blackman Consulting Inc | http://www.StacyBlackman.com | +1 323.934.3936
MBA blogger, US News and Author, The MBA Application Roadmap