^ IMO, people have to wait (can go up to 6-7 months), but eventually everyone gets a job; provided you do not show attitude (oh no i am not moving out of home city and/or this job isn't for me, I was born a manager with starting salary of 1 lac).
Some people will get good salaries at start, some people will get lower; some will get hired instantly, some will take 6-7 months; and its just luck, CPGA doesn't matter more, all it requires is luck. But, try not to reject a job for 'abcd' reason.. just be in it.. that experience counts and after 6-7 months you can switch (switch with an experience sitting on your CV).
It's strange that you are saying that people have to move outside Lahore. I remember I could have been *EASILY* appointed in Lahore (a place called me 10 times, right about 1 month after I graduated, even tough I wasn't interested after applying). Somehow I feel, Islamabad and Lahore now have more jobs than Karachi in Electrical/Electronic Engineering.
Here in Karachi, IBA won't allow you to do MBA unless or until you have 2 years experience. Don't know what is the situation in LUMS - but - "IF" you get in it, and have money - I would say, do it!. I don't think anything in LUMS is silly - besides their way famous MBA, even the SSE is pretty awesome - almost all US-PhD faculty, previously headed by Dr. Asad Abidi (Google him). I don't know how things work in MBA (scholarship wise) but a friend of mine and I were promised paid MS or MS-leading-to-PhD - if we decided to join it. I hope they do give out similar things in MBA.
Al tough, I have been a fresh graduate - a most recent one - However, my views might not be so accurate (they are based on testimonies) - as I plan to start my masters abroad (IA) in 2-3 months; so, I didn't pursue job market "at all" - it's pointless to take another deserving guy/gal's seat when I know I am going (sadly, these ethics don't exist in Pakistan - so - I am like a moron, adventurous risk-taker for everyone ).
PS: Is your core in 'power' side? Just FYI, KESC this year hired so so so so so many (i am sure figure would be like 150 or 200) trainee engineers within 2-3 months of their passing out - starting salary 35K - and after 6 months 55K! (transport, 500 free units, etc).
Tough KESC can't generate electricity and is bankrupt in newspapers; yet, they have so much money for fresh grads (about 10-15k more than average salary). I hope this makes you realize that there are jobs - at places, where you least expect them