military aviator to engineer to VC?

I'm interested in a midlife career change to venture capital, and intend to pursue an MBA to facilitate it, but my background is not in finance or startups. I flew attack jets in the military (and was an electronic warfare expert, along with a little exposure to being a foreign military advisor), then worked as an engineer/engineering team lead for a top defense contractor for a few years (undergrad was in mechanical engineering), and finally ended up teaching in the flight simulator for the military.

I've been an angel/venture investor for a couple of years, through a fairly large regional angel group which has now raised a couple of funds (this didn't spark the interest in VC--it was more the other way around).

My current job is unique in that I can do it full-time or part-time (as little as 10 days/month); I plan to drop to part-time in a couple of years to pursue my MBA, traveling out of state to attend a good school (I own an airplane, which will help with this). Cost is not really a factor with the MBA; it will be zero or minimal at most schools with the GI Bill/Yellow Ribbon Program paying, and I can make $100k working part time (in an inexpensive area). I can also keep doing my job (or go back to full-time and make substantially more) while waiting for a VC/finance job opportunity.

My most fundamental question is this: Will I be competitive to get into a VC associate position, post MBA? ...or will I need to do a couple of years in some other finance job like IB (not my ultimate goal, and not a good time by all accounts) or in a startup (probably would be a massive pay cut)?