Thanks for the discussion everyone, it helps a lot.
One thing that I can been reading, over different posts and looking at both an undergrad and graduate curriculum is this: Some graduate programs cater to those looking to switch industries, so in effect the graduate program is teaching you the foundations just as the undergrad would. After reviewing graduates curriculums (at some school, not all), a lot of the courses looked very similar to that of an undergrad. So if a graduate program can be done in 3 years (1 year design foundation and 2 years of the masters), I don’t see how it would be completely different that that of an undergrad (after removing elective courses that you can receive credit for, a 4 year undergrad effectively becomes 3 years). Again, this argument is assuming the graduate level program is based on people who are switching careers, and not an extension of an existing design-based undergrad.
So for someone in my position, wouldn’t it make sense to take the graduate level course? (Not because it is “higher” but because you would not taking a step back and doing a second bachelors. By taking a graduate degree, you would be with people who are relatively your age).