The IIT Bhubaneswar is indeed a preferable choice for Mtech along with GATE preparation. One of my friends did the same and got selected in ISRO, BARC, and NPCIL. Though, full-time preparation will not be possible as time has to be given for Mtech too. Most of the faculties are very supportive of job-seeking students, though not all.
So, if you are thinking of preparing for GATE, along with your MTech, you should definitely go for IIT Bhubaneswar.