I think you have enough of a shot to apply this year if you feel you really want to go sooner than later. Of course, your experience level will be some concern, but not enough so that you should put it off until next year (but the good thing is if you don't get in this year, you'll only be a stronger candidate with more experience 1-2 years down the line, assuming you continue to grow and develop with increasing leadership responsibilities at work and in your community).
What makes you a compelling and strong candidate are two things:
(1) Being at the right place at the right time in history. The last few years has been a watershed moment in history for the LGBT community. It's the culmination of Harvey Milk, the AIDS quilt, and anti-discrimination laws that quietly began to include sexual orientation -- but for the most part the visibility of the community was still very much invisible until recently - the "don't ask don't tell" as applied to civilian life in many respects. And now in the last few years with gay marriage as well as DADT being a focal point for civil rights as well as changes in popular culture (more visibility in the media, pro athletes for the first time being visibly in support of the gay rights), we're really at this point in history where the community is becoming accepted as mainstream. With Prop 8 being such a controversial lightning rod, the debate with DADT as well as what happened in New York this past weekend, you're in the right place at the right time. Your activism and involvement in the community will be magnified by the fact that it also happens to be a watershed moment for the LGBT community's transition into the mainstream. It's like being an software entrepreneur in the mid- to late 90s. Or working the 2008 campaign, or on Reagan's campaign, JFK, etc. Or being a military officer post 9/11 (where their experiences have been the most amplified since Vietnam). Again, this stuff may not mean a whole lot to most MBA applicants, but remember that adcoms are university administrators, most of them are liberal arts educated women in their 30s and 40s and you can bet that they have stronger ties and stronger opinions about this than perhaps some random corporate guy.
In short, you're a surfer who happened to catch one of those big waves, and all you need to do is ride it.
(2) Your history. This isn't just an "extracurricular" and that it's more than just sexual orientation to you, but a sense of social activism and community that has meaning to you. Also, what will help is the fact that you are doing something that fewer Asian-Americans do - which is social activism and community public service (not just as a "side thing" but something that you're dedicating to full-time). Adcoms have seen tons of Asian-Americans, and they are quite aware of the social pressures within the community and how more often than not they are funneled into predetermined career paths. The fact that you defied those conventions will be an asset, especially at the west coast schools that value that kind of sensibility.
You may also want to look at some east coast schools. Give Harvard or Wharton a try, as you never know -- your story is something that the adcoms may really connect to. Most b-schools are *tolerant* of the LGBT community, but some are more *accepting* and *welcoming* than others. Wharton tends to friendlier than Harvard for that. NYU more friendly than Columbia. Kellogg moreso than Booth. Yale as far as I know certainly is. Don't know about Cornell or Tuck. Darden and Duke -- probably the least of the bunch. But again, these are all a matter of degree, as well as opinions from various folks over the years.
As for R1 vs. R2 -- if you feel there's stuff in the next few months at work that you're about to accomplish which you feel will make you a stronger candidate, then by all means apply R2. I don't think it's going to make a huge difference either way.