Thanks, everybody! Following all of your advice, I'm starting to lean more heavily toward the MA. Like most people on this forum, I am positive that I want a career in academic philosophy, and I would obviously prefer a tenured position in a top department. It's probably worth note that this PhD program is the *only* PhD I applied for, because I had no faith that my application from a SLAC with a modest (3.8) GPA would warrant hundreds of dollars in application fees. Needless to say, I'm starting to regret that decision.
Yeah, it's SPEP. And in fact, at least two well-regarded book series are starting to come out of it. But since the SPEP areas I'm interested in are historical (which the analytic programs also cover), and I also have analytic tendencies in philosophy of mind and epistemology, I can find my interests in highly ranked programs. In fact I'd prefer a highly ranked program, I don't require SPEP at all.
No, my scores just weren't very good. (164/158/5.5) My scores proved to be fine for MA programs and such, but they could be a red flag at certain PhD institutions, from what I understand.
Right, I am worried about the risk of striking out in 2017 if I go the MA route, since many people allow that "luck" might be a very real factor in PhD applications. But then again, the risk of not finding employment in 2020 if I go the unranked PhD route seems much more dangerous.
All in all, I'm leaning toward the MA. I think that's really too bad, since I know I'd seriously prefer my time in the PhD program, but I guess you gotta play if you wanna win. And as my current adviser put it: "There'll come a day when you'll miss being in grad school, so there's no point in rushing through the best years of your life." If I go the MA route, then I hope he's right!