I’ll start by saying that if you have a lot of AP credit, the 5-year program should be very manageable. Pretty sure it only actually begins during your senior year, and at that point, chemical engineers with AP credits under their belt don’t have many courses left to take at all. Saving that $$$ on a year in business school would be fantastic.
What do you want to do with your career? If you plan to work in engineering, I cannot imagine getting any engineering management role with zero experience. Essentially everyone coming out of business school already has experience under their belt; many top MBA schools actually require experience. That’s what you’ll be competing against when you graduate. In fact, I would not be surprised if admission to this program required having experience already. Evidently you get much more out of your time in business school if you already have a feel for management-type work.
Also, you likely get the most benefit of an MBA right after completing the program, so having it in your pocket a few years down the road might not be as advantageous as simply attending a program later on.
All that said, for one extra year of school, you have an MBA from Owen. That certainly can’t hurt, though it would prevent you from going to get an MBA later in your career when it would perhaps be more beneficial/advantageous.
Google around for opinions on 5-year programs. Here are two quick links w/ opinions from a Google search. Continue research on your own.
http://talk.collegeconfidential.com/business-school-mba/489850-combined-b-s-engineering-m-b-a-5-year-program.html
http://talk.collegeconfidential.com/engineering-majors/1158630-combined-engineering-mba-worth-it.html
http://www.wallstreetoasis.com/blog/should-you-get-your-mba-immediately-after-undergrad
http://www.forbes.com/sites/robertfarrington/2014/05/12/should-todays-graduates-head-straight-to-grad-school/
I do believe there still is some 5-year program at Owen for a Masters of Accounting that guarantees an internship at a top-4 accounting firm, pretty neat if you’re interested in accounting.