Full Time MBA

Yes, you can pursue!
Even a degree from IIM might not be of value if you do not learn anything while pursuing it.
Since, you haven't specified the nature of use of an MBA degree to you, I'm assuming you are a working professional inclined towards gaining the theoretical knowledge of management through an MBA from IGNOU.
Now, if I compare IGNOU to other distance learning universities like SMU and Symbiosis, IGNOU clearly stands out owing to the well-structured course material and the importance of assignments. The faculty who are mentoring SOMS IGNOU(School of Management Studies) are top-notch professors from IIMs, IIFT, and senior officials from government bodies.
But it you expect an MBA to be equivalent to a regular MBA degree to get a job, I fear that won't be possible. MBA curriculum in most universities in India is very rigid and intensive. This is because a future manager is supposed to perform under pressure so a management student is subjected to that pressure from the very first day during his MBA degree. Therefore through regular case studies, discussions and extensive knowledge sharing in peer group a regular MBA is considered to be of a much higher value than a distance MBA. But regular MBA requires huge investment in terms of both time and money.
So, if you are already in a well-settled job in which you plan to climb up the ladder to a management position or just to gain insights about the theoretical aspects of management, an MBA from IGNOU will surely help you serve the purpose with minimal investment of both time and money.
Hope it helps. All the best.

Yes, you can definitely do that and your work experience makes a huge difference. I can not explain how important it is. Many concepts related to leadership, organization management, change management need work experience. You will not make much out of those classes if you do not have experience. For instance, the question would be: how did you deal with your team? What conflicts did you encounter as a team manager or member? Think about it, if you have not worked, how would you know? So, it is very much needed to have work experience. Ideally, MBA is recommended when you want to move into any leadership roles or you started a leadership role and need help to do well. The Golden rule is, you have to work for few years before doing MBA.In fact, some of the top ranked business schools in the world require professional work experience. They know the importance of it.
All the best!

HI
Distance education MBA has equal importance like the regular MBA because:
In most cases companies do not know whether you obtained your degree online or by full time study or part time study.
There is no mark on your degree whether you have earned the degree online or on campus.
Your college is accredited or not is the most important thing. Any course offered by an accredited college has equal value whether it is offered online or on campus.
Online exams are more beneficial because your participation in the class are important than the assignments you do.
All these things help you learn properly and give you clear picture of your course.
So, I think there is a huge scope for distance MBA too along with regular MBA