Thanks for the response, guys. I've posted a more detailed question in the B-school application section.
ncprasad, will I continue to have a pending 485 if I have quit the job for an MBA? Please give me some more details about what you said.
Ozmba2006, my wife can't get a green-card process started for her (Not in the near future anyway). You are in a similar situation? Would you mind informing how you are tackling the situation? I am also moving towards being an older applicant. So I also want to not postpone my MBA application.