greetings, don't post much, but thought i had some insight here...
i'm studying for level III right now. my only advice is study, study, study. level II is no piece of cake, and the amount of material covered can seem a bit overwhelming. putting in the time is the only thing that will get you there.
also, if you haven't looked, go here:
http://www.analystforum.com/phorums/login.php?13
good discussion, and helpful people.
and re: the mba, i agree with the above (top 25 schools, or CFA>MBA). maybe, consider both... i'll be applying to grad school after finishing the CFA. having started the application process, and met many alums, the thing i've heard most is one of the most valuable things you take from b-school is the contacts. getting into a really good school will help get you into a really strong network.