Research MBA Programs

I'm trying to find some advice on business schools and would appreciate any help!

Here is my situation:

My wife and I are currently active-duty, Service Academy grads with TS/SCI clearances. Our options are to:

Option 1: I apply for an MBA at Kellogg/Tuck/Duke and my wife would apply to Masters in Engineering Management (MEM) programs at those schools. We would go to the highest ranked MBA program I get accepted to....(with her low GPA, it would be very difficult to get into the above MBA programs.)

Option 2: We would both get our MBA through Georgetown's Evening MBA program.

Our opportunity would be $400k+ (2 years @80k x2 people + living expenses/tuition not covered by 9/11) to go full-time. Also, MEM graduates avg starting offer is around 70k, compared to 100k+ for MBA.

We plan on working for a major defense contractor in the DC area after we leave active duty. Would a FT MBA from Kellogg/Tuck/Duke offset the opportunity costs and difference in pay between an MEM and MBA?

What would you do if you were in our position? Thanks!!!

I apologize for not giving a direct answer here but just offering another chain of thought. While your current thought process and calculations are very pragmatic, do understand that MBA is a long term investment as well. The kind of learning and connections you gain at a Top notch MBA if leveraged well will go a long way in giving a sharp push to your career and hence I advice to evaluate your choice of school on this parameter as well.