Career Advice - What to do? LT or ST.

OK, so here’s the deal, I’m recently unemployed and the economy is in the crapper. (See most recent question string on my temp to perm experience at my last gig, resulted in me being unemployed)

I’m out of work and I’ve recently started interviewing with temp agencies again, turns out my skill set is the hottest thing since sliced bread. I have several temp agencies that want me to go back to work and start out at low wages and then I get to bust my ass and work my way back into a permanent position. Do I do that?

My medium term goal is to study for the GMAT and apply to grad school (deadline April 31st).

What would you guys do?
1) Go back in and get a job with my current skillset at a crappy pay, long train commute(3+hrs daily), lots of BS, AND try to study and apply for grad school on the side?

2) Make grad school the priority, my long term outcome the priority, take the time off, study for grad school(8+hrs daily), improve my applications. I could take some software courses in the meantime to keep my skills and resume fresh. In short, defer the immediate job offers to apply to MBA programs and JD program. Once I’ve got the applications in in 3 months time the market might improve even more…and I’ll have focused on getting the apps in with my full attention.

Short term money shouldn’t be a problem, I’m 36, single, live at home with M&D, child support is managable, I lost everything 2 years ago when I lost that job(apt, car, MY LIFE). I’ve managed to scrape by and pay off most of my debts.

What should I do? Can you guys help me work out the pros and cons? Pls ask questions if nec.
Thanks,