There are a few ways to look at preparing for the bar exam. You can consider that you are preparing for a sprint--the final, two month push towards becoming a lawyer after 27 months of law school. Or you can look at preparing for the bar exam like taking two months to train for a marathon race--developing a training schedule, sticking to it, realizing that you are in it for the long haul, getting a little bit better each day, and then doing your best on the day of the race.
The key to success on the MBE is memorizing the black letter law. You will have to apply it to the facts to answer the questions, but if you focus on anything, focus on memorizing the law.
How to best do that?
But the most important thing to do is to take MBE questions. Practice, practice, practice. And start taking questions as soon as you can. Don't wait until you feel absolutely comfortable with the material. You will never feel absolutely comfortable.
If you never were one to take practice exams, be one now. You'll be amazed at how much black letter law you'll learn in the process of taking the practice MBE questions and reading the answers to the questions. The answers to the MBE questions always explain the black letter law. And they explain how it applies to the facts of the question. It is easy to read an outline and keep reading. You think the material is sticking in your head as you read, but all of it doesn't. When you stop and try to apply it, you will see that. When you read an answer to a question that shows you exactly what the elements of the black letter law is, chances are you won't forget that. If you don't understand, you can always go back to the outline and reread that section in more detail.
At first, you may want to give yourself as much time as necessary to answer the questions. Get familiar with their structure. Read the questions carefully and the option answers even more carefully. Then, when you are ready, answer the questions under timed conditions--1.8 minutes to answer each question. Take several complete exams, but at least two. If you feel weak in a particular subject matter area, take all the questions you can in that area. The importance of practice cannot be stressed enough.