I researched this pretty thoroughly; ie., can one use a labor if the labor requirement is only Masters or equivalent but they are using bachelors plus five year experience requirement.
Initially, it would appear that a person doesn't meet the labor requirements because it has to say bachelors plus five years. The equivalency has to be defined.
Even if you can get over this hurdle (I do know one person who was in this situation and the 140 did get approved after RFE); you still have to deal with the issue that to qualify in eb2 the five years of experience have to be after you graduated from your bachelors and before the priority date. As you have stated; it doesn't look like you will meet this requirement.
This is what I would do:
File the substitue labor in eb3 (in eb3; you can use the experience before, during or after you graduate; this can fill in for the missing months). Get it approved.
In the meantime your eb2 perm labor should get approved. Once it gets approved; ask to change the priority date eb3 labor to eb2 perm labor.
Now your eb2 perm labor will also have a priority date of 2002.
To file the 485, you would have to do it on your eb2 perm I-140 and eventually get the greencard through your eb2 perm labor.
Sounds a little complicated; especially since you have to join substitute labor company but have eb2 perm company continue the process for you and eventually get the greencard.
Your action steps might be to get substitute labor company to file in premium processing in either eb2 or eb3; if it gets approved or rfe; you will know in two weeks so you can make a better decision.