Ross Admission - Preferred vs Regular

Here is my situation: My first option is to go to U Mich, where I am guessing I can get into U Mich, but not Ross if I apply through preferred admission. My other option is to go IU Kelley and work my ass off and try my luck to get into the IBW. Can someone get rejected from Ross through preferred admission and then go to the school and apply again through regular admission? If so, would it be a smarter choice to go and try to get accepted into Ross, rather than try and get into the IBW at Kelley? I'm pretty sure the potential chance to land a good IB job would be higher at Ross than IU.