Apply for practice and to think through the questions, but realize that you are up against thousands of smart people who can give every waking moment of their life to their company and you can't right now.
Maybe in my case, school is a bit less of a zero sum game. I'm working on a legal research tool (prototype: http://dokket.aws.af.cm/about) that serves an under-addressed market (communications law). Think MarketBrief (http://marketbrief.com/), but instead of the SEC, the focus is on the FCC.
Not-so-incidentally, I'm about half-way done with law school in a part-time/evening program in DC.
Would this be a content site, or would you have a paid subscription model or deeper analyst pieces, or something else? What is to stop the FCC-focus from just being a niche channel on marketbrief itself?
I'm focusing on building the dataset and alerts system, so it's more of a subscription service--for now at least. Looking ahead, there's a wealth of information buried inside these documents that I'd like to leverage.