I think Jenste gave a great, knowledgeable response and I think you have made some really great choices. I would only add that the application to U of T is not nearly as stressful the second time around since it is the same questions and you can pretty much just tweak your previous responses. Because you were waitlisted and because you've added some tangible depth to your experience, I think it would be worth taking another look at. ....but that's just me, lol! Clearly you need to do what makes sense to you and you've obviously really thought this through. Best of luck!