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I am planning on doing an Artist Diploma next year. As bloke said, get some intense study, perform as much as I can, then apply to Grad Schools.

I think if this is the plan that works for you and you can do it, more power to you. That being said, I have my BM, MM and am working on my PHD. I took time off between to develop an understanding of what tools I did not have. It allowed me to refocus and return knowing exactly what I wanted from my degrees. It also allowed me time to pad my resume, nurture skills that pay the bills, and to pay down some of my undergrad loans.
Granted that is what I did, and of course I feel it was the best way for me. One of the big responsibilities of a future professor is to be able to assist their students in life choices, and what better way to start down that road than to guide oneself in the right direction. No one can tell you which path is best for you.