After doing some questioning, I've come across some info, however this is just similar opinions I've recieved from several employers & college admission staff.
Your question about how valid your education will be in reapplying. If you did it 5 years ago then it should be just as valid as if you did it last year. The cut-off date seems to fall about 6 years, employers really only want the past 5-6 years of work experience, and education has followed that same path.
As for the online courses, with the introduction of all these online options, employers don't mind online courses at all. However, whole degree programs online, they tend to view in a dim light. It strikes them as a little too much "mail-order diploma-ish"
That'll probably change in the future, but this is what I've been told 8 or 9 times now, in various ways, since I also am college hunting.
Hope this helps