Birddog,
I'm in the guard as well (10 years). I applied and was accepted to OTS so maybe I can shed some light on the subject for you. You will have to take the MEPS physical again (it sucks I know). After that you will then have to take the FC1. When you apply you will be applying as a civilian (although you can include all you military history, letters of rec from commanders and all that). Your MEPS visit probably won't be as long as the last time. Mine was done by about 1300. They stuck a nice little sticker on me and I was able to step to the front of whatever line I was in. If you have any question feel free to ask away. Its a very long road and if I can make it a little easier for you I will. One bit of info on your FC1. Do it now and do it at your unit. You can control the process a little better that way.