If Iowa has an administrative Graduate contact you can call, go for it! And even a lot of us who have an MA also have trouble with PhD admissions! If the fellowship is connected to the field or just something you are interested in, and is also a good means to save up money, go for it too. I think a lot of these guys received funding for their MA programs in the states (I was abroad), so they might have some insight on ones you could apply to for the next round.
Something I think I've learned this year is, if you get funded for a decent MA program and do really well there, it seems like a better shot than going to a prestigious for pay MA.
And even if an MA is not always required for some PhD applications, they are certainly encouraged. I have heard of cases where some go from BA to PhD in FIlm Studies, but the competition for that appears even tighter than anything else. Good luck!