I just got my MBA (yesterday was grad actually) so let me offer some advice:
First, an undergrad + MBA with no work experience actually hinders you. You're still only really qualified for the undergrad level jobs, but have an MBA as well. This puts the employer in an awkward position so they may just pass you over.
Second, a "not as good" MBA early on isn't advisable because maybe in 4-5 years you'll be at a company that gave you great work experience and references, and you'll be in a position where an MBA is important. You'll probably be able to afford a "better" MBA at this time. If you already have a "not as good" MBA, you can't exactly do a second one. This applies even for if you do the "not as good" MBA later - you can't exactly upgrade it down the line.
When you're spending $100k or so on a degree, don't sell yourself short. Go as far as you can before spending the cash, then go to the best school you can. What's the difference between $80k and $110k in tuition anyways?