I have an intermediate EI for 5 days, 3/7 - 3/12. I paid $177 so it sounds about right.
Yes you bypass the counter and go straight to the National garage to the Emerald isle row and choose any car there you see.
You must have you Emerald card, credit card, and any coupons ready to hand to the attendant as you exit with the car, they do all the paperwork there.
I was there in October and EI had mid size SUV's, PT cruiser conv, VW Bug Conv and 3 or 4 styles of 4 door cars like Chevy Impala. Lots to choose from.
Remember to walk all the way down the isle to see all that is available, most people take what is in the first few rows and don't realize how far down the isle goes.