Hi! I am currently in a MA program for Applied Linguistics so can answer some of your questions. I think the first thing you should decide is what concentration or specialization you want to get your degree in. I am assuming your Fulbright is with teaching, so I would say take a year to bolster your research experience. MA programs tend to value research and teaching experience, and don't require language knowledge (although it helps). PhD programs, however, do require language knowledge.