FEMBA has all day Saturday class schedules so there's people flying in from NorCal or driving from San Diego (as I heard).
Also as diego77 wrote, you can only apply to FEMBA or Full-Time, not both.
Ultimately the FEMBA program (from what I'm hearing from alumni) is somewhat challenging to get involved in student activities as many clubs have meetings during the day. Networking events vary, but of course with the full time program, you'll be on campus more so more proximity to the happenings.
Personally I wouldn't be so worried about the age difference. Focus on what program is best for you and best aligns with your goals. You'll be spending the same amount on tuition! so make it worth it!