I would recommend joining now, and at least start a few points. After reading the above post regarding Equity checking in on EMC candidates, I'm not sure if what I'm about to say still applies, but as for me...
I joined the EMC program back in 1996. I got 6 points. I then felt that I didn't know enough, and wanted more non-Equity experience before "turning too early"...I then proceeded to work at more Equity theatres, but didn't actually sign up for any points...and got lots of experience at really good theatres. When I decided to try to continue my points, it was actually harder to do...Equity was becoming more stringent on which theatres could give you points, and under exactly how many Equity stage managers you had to be working (If an Equity ASM is hired, you only get points for the weeks they're working too...if they leave after the show opens, your points stop being accrued- at least on a LORT contract in the higher categories). When I finally wanted to turn Equity, I was technically 6 points shy...and in fact, at one point Equity was going to retroactively give me points for a show I'd done in a blackbox earlier that year (Lort D I believe), and then changed their mind. However, because I'd shown dedication to learning the craft, and also WOULD have been able to have gotten more points in the past but didn't choose to, I found a theatre that gave me a "poof-you're-Equity" contract, because they thought I deserved it. So I didn't technically do it through the EMC program, but I certainly credit it with getting my foot in the door. And besides, I already had $100 of the initiation fee paid.
Erin