Top Law Schools

I'm not applying to a "top tier" school but arguably the second best school in Minnesota, William Mitchell (top 100), and last accepted class stats were 25%-153 75%-159 median-156... GPA 3.17-3.60 median 3.4. I've heard that the best time to apply is ASAP, and I'm planning on taking the LSAT in June. I will have my PS done this summer and will be graduating early next fall. However, should I apply Oct. 1st when my grades for my final semester hasn't been reported yet? or wait until I graduate and send everything in after the semester? The question for me waiting is that my grades were less than stellar my first two years, I got 2.1's and now getting 4.0's while taking 18 credits. So my GPA I anticipate after next semester is to be 3.22 and my LSAT should be around high 150's and low 160's. Should I wait until December 14th for grades to be in to apply with a slightly higher GPA? Or apply as soon as possible with lower GPA?

Any advice would be appreciated...Also graduating early good or bad for some reason? Because I wanted to take a little time off before law school just to play video games and hangout with friends.

earlier the better.

It's better to apply earlier. You can always update your grades later. It's highly unlikely they'll change their decision based on one semester of grades.

I'd say graduating early is good. You don't have to pay tuition and can take up a part-time job to save money for law school.