I know nothing.
However, just as a general comment, you can put your portfolio onto a webpage (even if it's MySpace or similar); you can secure it or even use the networking facility to gain some promotion, which can be quite successful.
A mod team would allow you to gain some real-world experience (I have no idea but I would expect that this would be well regarded by a prospective employer), working to specifications (we need some dark music here, celebrational stuff here, etc) and to deadlines, so that would certainly not be a waste of your time.
Good luck.