I work a full time job, and do some small community service projects here and there.
When I was an undergrad, I worked a full time job, a part time job, and still maintained over a 3.8.
What I am telling you, from professional experience is what are you going to tell your boss when you miss a deadline.
"Oh, well, I was doing community service and am super-involved" -- I am just against people making excuses for not executing in the class room. As for my B, I can explain it very easily, I am not smart enough for PhD level economics work. I did not have a good enough mathematics background to fully master the material. I failed.
If/when these programs pan out, then perhaps, you can say it was all worth it. I got my job through school and was recruited. I was not nearly involved as you are. But then again, I could care less about those things.