Sounds like a plan!
I know I want to be a physician, and am working toward that goal. I plan to resign from my position by this summer (2015) to re-take prerequisite courses (DIY) at the local state school, to do volunteer work, to shadow physicians from as many field as possible, and to prepare for the MCAT. I plan to re-take all science prerequisite courses since most of my undergraduate classwork are 10 year-old, and some grades are not high either.
I think a two year time-line is more realistic.
This process should take 1.5 year, and should aid in my preparation for the MCAT. If I don’t get into medical schools in my first round, I will then attend a SMP, and keep re-applying.
If you excel in your post-bac studies, then the failing out of grad school won't be an issue. Expect to be asked why you simply didn't withdraw or take a leave of absence.
I wish to have a better understanding of how receptive medical schools (both MD and DO) are toward an applicant like me who had a failure semester in the past.
That's about it. You'll find that these forums are a good resource for info, and there are many helpful people here.
Aside from trying my best for post-bac and MCAT and extracurricular activities, is there anything else I could do to strengthen my profile further?