1. Depends on your odds of getting in. The two you listed aren't highly ranked so it shouldn't be an issue if you have nowhere else you want to be at. I'd throw in a dream school or another one just in case you change your mind on what you want to focus on sometime between apps and decision notification.

2. Might affect your funding potential but generally irrelevant unless you totally bomb it. Average will be, well, average and you can only expect average rewards.

3. There's worse out there.

4. If you know a place, sure. If not, just print it online. It's not like they showcase it forever. There's plenty of topics on unrelated background career switchers already. They know you won't be showing off whole projects but at least if you can conceptualize and demonstrate awareness of scale, depth, space, etc. Stuff that translates into the profession. Ability to draw or present your ideas in some way.

5. No, a lot of people fall back on grad school right out of undergrad.

1. maybe - I applied to 5, got into 4.

2. not much

3.yes, if your portfolio shows promise.

4. a) yes. b) Don't try to fake it, show your strengths. 

5. no

1. apply to 4+ 

2. i had an average score i got into a couple of m. arch programs do not stress 

3. better than my gpa and i got into some programs

4. you should go to a progressional print shop you should use a simple(r) grid layout (if you have little experience or do not know what i mean google it)  and introduce a narrative to your work telling stories is really important for presenting architecturual ideas so this can be a good way to practice, and show your potential.. it has to be carefully crafted.. idk if you do not know much about putting together a portfolio research it look at magazines print material etc. .. 

for m. arch +3 they don't expect you to have experience. so its important that you play up your strengths and interests ..because you will go into school and get trained on drawing, structures, presenting, etc.. but ultimately after your training is done you will be left with only your original strengths and interests that brought you to m. arch in the first place and that is what separates you from other designers...so put in your best work out of your sketches (maybe 5-10 out of the 100s) , best/most complete art/architecture class projects (1-3), and combine that with narrative about your historic preservation/community outreach work ... take these three things and wind them together into a story about yourself and your goals and tailor it to why a particular program is good for you..

remember you have to keep their attention so avoid large blocks of small text, pay attention to the flow from page to page, keep things easy to read, images clear and conscise, guide the reader through as if you are there with them even though you won't be, have fun with it. work hard on it (it took me 4-5 months to finish mine, working on it a couple days a week) and you will be fine dont be afraid to take a risk as long as it doesn't affect simple legibility. 

5. no

Thanks guys and gals! I appreciate your responses!