I have quite a dilemma on my hands and I could use a little advice.

I've been at a lower market IB firm for a year and a half. I've been looking for ways to transition to a BB, but have come up short on a few occasions. More recently, I have been offered Analyst positions at two NYC based HF's (one event driven and one L/S). The only problem is that they're smaller ($75-100MM in AUM) and I'm concerned with the exit ops. Here are my concerns:

1) That I will not be able to get into a reputable B-School based on the fact that I worked for two lower level firms (I went to a non-target, 3.5 overall gpa)
2) That I will have difficulty transitioning from the HF back into IB, even if I do go to B-School
3) That I won't learn anything based on the size (my experience at a smaller shop has been negative)

If anyone has experience working at a smaller HF or has transitioned from a HF into IB please share your words of wisdom.

Thank you in advance for any advise you may bestow.