Question about sponsored student life at business school

I'm currently working at a MM PE firm in NYC that doesn't typically sponsor associates to go to business school, but I was just told that I'm going to have the opportunity to have a guaranteed offer to return. My firm will pay 150k towards business school tuition and I will owe 2 years in return. I'm excited for the opportunity and am trying to get a better understanding of this means for business school experience. The two things I'm wondering:
1) What should I be thinking of for my summer internship? I have a relatively cookie-cutter background (2 years banking, 2 years PE) so I would love to get involved in an operations role at either one of our portfolio companies or an earlier stage company that I was recruit for through OCR. I'm also considering trying out another type of investing - mainly leaning towards public equities (if I can find an internship) just for the exposure. Any thoughts? Looking through LinkedIn profiles, it seems like most people who return to PE do an operational type internship over the summer.
2) During the school year, what level of involvement do sponsored students usually maintain with their firms, if any?