Distance and F/T are the same, for regular employers. Unless you are a F/T student at Harvard or Wharton, you really don't hold any competitive value in terms of where you are right now - F/T student at what? "Mirabai" or some unknown college, even I've never heard of it! What are you going to say in an Interview, that I was a F/T student at some regional college where I didn't even have to work 2 years to qualify? Can you even apply for an MBA without work managerial experience?!
Instead, be practical, that you have been working with your MBA because you may get to the interview with an MBA, but your work experience will get you the job. And it's more about your personal abilities too, for some people it is difficult since they have got limited exposure to management - but if you have, at least 2 years of experience, then why not?
Are people going to say that an IIM or some school in INdia is better than a course by Imperial College in London (Tanaka offers distance MBA)? Give me a break! The reason why Indian MBAs don't rank much is because while the ROW needs two years of managerial experience for admission into the MBA, Indian business schools, a good number of them, do not require business or managerial experience for admission. What good would the F/T study benefit you? Interaction with people with no practical experience in business?!
I had to have at least 3 years of managerial experience before I was considered for my MBA in Australia. Could have gone into Melbourne but USQ was more cost affective! So in all, right now, I think it would have been better if my degree/s were distance too. Employers want to add value to their organizations - they need candidates with stamina and a great personal learning attribute.
F/T is fine but can you learn something - I did in mine. If you aren't going to (what can student association teach you, against association with working adults?) then you better gain experience while studying. If it suits you, then it's fine anyway you put it - your certification holds value, irregardless of whether distance or not - the exams are the same. I bet Edinburgh, Tanaka, Warwick, USQ, Illinois are far better options for a great Master's degree than any of the Indian business schools. Even for India.