ILS Law College

With regards to the 1st question, one can always call ILS and understand or just pay a visit to ILS.
Diploma is a residential course.
For the 2nd question, no education goes waste, is all that I can say. Whether it is useful or not is a personal prerogative, given the career choices one has.

The website (https://ilslaw.edu/) is the best place is the best to get most information. As regards to admission in ILS, it is now through MHTCET for LL.B and B.A. LL.B., while admission for LL.M. is managed by ILS under the guidelines of Savitribai Phule Pune University. The MHTCET form is available online on their website.

Being a B.A.LL.B. candidate, I cannot answer with confidence about LL.M., and I do not want to misguide.
As regards to the notification, a merit list has been published on the ILS website at:
https://ilslaw.edu/announcement/first-merit-list-for-llm-first-year-2018-19/

When one asks which institute is better, it is tricky to answer. I personally do not have enough knowledge of BHU, but I guess the law programme has recently been introduced, probably in 2013-14.
Being from ILS, I can boast of the tradition of 100 years, the most amazing library facility, and a campus in the lap of nature. So, I would be biased in its favour.
You can read the reviews of ILSAT on the following link and make your own opinion:
https://www.shiksha.com/college/ils-law-college-law-college-road-Pune-2499/reviews#206995

I cannot predict the cutoff and give any wrong expectation. But I can give you the cutoff for the categories you asked for the last academic year, i.e. 2017-18.
For BA LL.B (outside open/general category), the cutoff was 107.

It depends on factors like whether you are interested in the 5-year course or the 3-year course, outside or within Maharashtra, open or SC, ST, OBC, NT or ex-serviceman. Last year, i.e. academic year 2017-18, the cutoff for 5-year law course, outside Maharashtra (Open) was 107. This is also the highest cutoff, as for all the other categories, the cutoff was lesser.

Please check the following link: https://ilslaw.edu/announcement/first-year-admissions-for-2018-19/

Admission into ILS-Pune is only through MHT CET for 5 year law course (B.A.LL.B.) i.e. post class 12th and 3 year law course (LL.B.) i.e. post-graduation.

Chances are faint if you are outside Maharashtra candidate.