Well, there's an "unofficial" minimum of 2 years of WE for most business schools. I know of someone who's at Stern right now who only had 24 months of WE before
matriculation. I also have a friend who also went to Tepper and applied at the 2 year mark because he knew of the "unofficial" minimum. And so, I think you might be ok with work experience, especially since its with a well known company. Just make sure you highlight the great things you have done since joining GE. Quality can overcome quantity if it's presented correctly. The admissions committee will want to know if you're a leader and that you will have something to contribute to your classmates as you all learn together.
I think your strategy is sound given your clear goals and background, but I still think you're selling yourself short. Not that Tepper can't get you to where you want to go (personally I thought Tepper was a great school), but there's a lot of other equally great schools out there that rank higher and place better into MBB firms (like Sloan perhaps). Although you do have less experience than the average at many schools and a lower GPA, you have a great GMAT score, a quantitative background (engineer), and great work experience (GE). I think it may be worth sending off an application or 2 out to an M7 just to see how they receive it and your story. Like you said, if you get rejected there's always next year and for someone like you, you've got plenty of time.
I understand GPA can be a tough thing to overcome, but look at me! I think my GPA and results prove that it's possible to overcome a low GPA. A high GMAT score (which you have) helps negate that quite a bit. My only other suggestion, based on your GMAT/GPA combination, is that you make sure your recommenders are prepped really well and that you have rich professional/leadership stories. With a low GPA and a high GMAT, application reviewers will start to question your work ethic and/or time management skills. Make sure your recommendations and your essays show that those doubts or concerns are unwarranted.