I totally understand how difficult it is to apply while you're still in college, doing theses, taking difficult courses, etc. It's why I decided to take a couple years off after completing my MA.
That being said, however, I almost wish I had applied while I was still entrenched in academics. It's extremely difficult it is to put all the time and energy it takes into applications when you're NOT still in school and don't have the momentum of still being involved. It makes it that much harder to stay on top of professors (you know how impossible they can be to get ahold of, even on campus), perfect your writing samples, etc.
It also makes you feel like you're living this weird double life - still putting in 60 hours a week at your job, and then going home and putting in more hours on something that feels totally unrelated and like a pipe dream. To make matters worse, I teach middle and high school which takes an incredible amount of time and energy, and is a job that you can't do half-assed (or your life will be even more miserable). I want to constantly improve my lessons, assessments, etc. but then I wonder whether I'll even be doing this next year (and hoping I can go back to teaching college, which comes so much easier).
I thought teaching secondary school would be similar to when I taught college - I was SO wrong. It is much more draining, there are many more factors involved (classroom management, parents, national core standards, seeing the kids EVERY DAY), and it's just life-consuming. It's rewarding but not often enough, and summers off don't begin to make up for the stress of every week.
SO, in conclusion to my rant (sorry by the way), maybe I would have done things differently and applied while still in school? I don't know. The life experience is good but I miss academics terribly. Aaaand...done.