Procedure to apply for US Visa for a married couple

I recently got admitted to a US business school for the 2 year MBA program. I am an Indian citizen and will be accompanied by my wife to the US. There are 2 options for my visa - F1 and J1. I want an option which allows my wife to work in the US, and as I understand, J1 is the option to enable that. Few questions I had regarding the J1 visa visa? Or is there a pre-defined list of institutions from which funding can be taken? 2. What documentation is required from the funding source to apply for the visa? 3. What are the requirements to get a J1 waiver? How challenging is it to get one? 4. How difficult is it for my wife to get an employment permit on J2 visa in the US? 5. What are the implication of J1 visa on getting a H1B visa and work permit in the US after completing the program?