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It depends on a couple of factors:
1. What does your financial situation look like? RN programs are expensive, and you won't make very much even if you can secure a PCT job. As you said, in one year the LVN would have you making money.
2. What other commitments do you have? RN school is time-consuming. Can you commit the time necessary to make good enough grades to impress a grad school? Or would being an LVN at first allow you to space this out so you can keep many balls in the air?
Plus, and I don't know if you're aware of this: You may need a BSN (Bachelor's of Science in Nursing) to apply to the school you want. Check to make sure their program is "post-RN" or "RN-to-MSN" not "post-baccalaureate" or "BSN-to-MSN."
Grad schools look at your RN or BSN school grades, GRE (grad school entrance exam) scores, and professional references.
All of these things you must keep in mind, and it's ultimately your decision.
Good luck in all you do, whatever you do :).
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After some thinking I've thought about becoming an LVN first since it seems to take only a year to finish and cost less than an RN program. I mainly want to get some hands-on experience first, and since eventually I'd like to get in into an entry-level MSN program at a somewhat competitive school my thinking is having some experience could help me get in there. (Could it? I don't know if I could get into an "entry level" if I've worked as an LVN, but even if I couldn't sure it won't hurt my chance of getting into an MSN program anyway?)
On the flip side, I'm not sure if it's actually going to take longer (and cost more) if I'm using the LVN --> RN --> NP pathway than if I go straight trying to get into an RN program.
Thoughts?