Dude. If Booth is your to-die-for school (and you live a few blocks away!) then go for it! Try the F/T Round 2 app. If it doesn't work out, you can give the P/T program a shot. It's *always* easier to get in on the P/T tracks - there just aren't as many local candidates like you to fill the class so they are more flexible in many aspects of admissions.
If you only apply to the P/T program and you breeze straight through, you will be KICKING YOURSELF for not trying for F/T first. You can't exactly put that on deferral and try for F/T later; the only possible sequence is trying for F/T and then trying for P/T if you don't make it.
And your backup plan could be Kellogg P/T right? Obviously not quite as convenient geographically but still feasible, no?
In terms of how the apps would be different: We wouldn't say "fundamentally different" - after all, it's still you - your background, your goals, your reasons for an MBA - how could that standard pitch change just because of the different track you're interested in? But yes, you do need to make adjustments to how you present, as we described upthread.
This doesn't seem like such a hard decision to us - but then again, other people's quandries never do, do they?
Keep us posted and let us know how it goes!
EssaySnark