sumanth98:
Having a master's degree won't help or hurt your chances for deferred MBA admissions. You can really pursue any degree you want, but do so only because you think it'll be beneficial to your career/education, not because you think it'll help you with deferred MBA admissions. Buying time is a strategy, but bear in mind that deferred MBA programs are exceptionally hard to get into, and you might just be paying for another degree only to be in the same exact situation you would be in now.
I'm not quite sure having a second degree (especially the ones you're describing) is going to fundamentally change your profile. You could improve your extracurriculars, GMAT/GRE, etc. which could help but your best bet is to get some full-time work experience and then re-apply.
So, if you don't get in this year, you might want to consider reapplying through the regular MBA admissions process. You will almost surely be a better candidate - most are.