Hedge Fund Full Time Process

I'm curious about the move to HF straight from undergrad.

A bit of background, I'm a junior at a semi-target (Boston, UCLA, Vanderbilt) and have accepted a junior SA at a MM investment bank in NY. I have been interning at a $2bn NY public & private equity firm during the school year and have past internships in PE and AM. I'm very interested in SM HFs, and was wondering about the process and possibilities of going to one for full time.

Recognizing that my school and GPA aren't the best, I don't think I would qualify for the larger HFs mentioned in other threads. Ideally, I would like to target SM HFs with AUM between $500m and $3bn.

A few questions I have are:

• Do I have a shot? UG to SM HF for FT is not super common, and I'm not completely sure what size HFs I should be targeting 
• I know HFs don't have a specified recruiting cycle like IB, and a lot of positions are filled on an as-needed basis. So at what point should I be reaching out for full time opportunities?
• A lot of the HFs I've found in the $500m - $3bn AUM range are L/S funds with minimal web presences. I'm happy to entertain the idea of staying at my first fund for 3+ years, but if I want to switch funds at some point, possibly to one with a different strategy (activist or special situation), would I face greater hurdles than if I went the traditional IB - PE - HF?

Side note: I don't mind a lower pay than IB analysts, and I am also not interested in quant-based funds

If anyone could share their personal experiences going this route, I would greatly appreciate it. Alternatively, even if you didn't go this route but have insight on the idea, that would be useful as well.