Personally having an MSCE and an MCSA, i would say get Cisco or Solaris certs rather than MSCE. MSCE was pushed down so many peoples throat as the way to get a job, you have idiots who have an MSCE and can not check thier mail.
However, some cert is better than no cert. MSCE will never hurt anything, but i would also reccomned doing MCSA, which uses all the tests you take for MSCE and most people get the SA before CE simply because its on the same road. I think SA takes 2 or less tests, if you choose the right electives for CE.
Either way, my personal view on certs is that it takes away from real life knowledge. A buddy of mine has been working with Solaris for 8 years and unix for 14 years, I would say he is a Unix Master, but some ass manager promoted another guy from his dept with less experiance b/c of a cert in unix. Since then my friend has a 3" binder full of certs.
If the company you are looking at wants an MSCE, tell them you will pass it within 6 mo. to show them you are a hard worker and willing to meet the demands of the job.
All that said, 385 is a great deal and it would be great to do mainly because its saving you some cash.
My little study hint for TCP/IP part of the MSCE, is give everyone you know an IP addy
My wife was 127.0.0.2, it helps alot but make sure you chance the class addy for people out side family
Good luck