Dear JQuann,
Thanks for your post!
You pose an excellent question about GMAT splits. I have a few thoughts on your situation:
1) Your overall score of 740 on the GMAT is excellent. It is well above the average score for accepted students at the schools on your list. As such, it is safe to say that you can put the GMAT to bed (e.g. you will not need to take it again).
2) Your verbal score in the 98th percentile is an asset. While most people focus on the quant. side of the test, the truth is that admissions officers don't mind seeing applicants with stellar verbal scores like this either. Remember that most admissions officers are more verbally inclined themselves (with degrees in the humanities, masters in education, etc). As such, they appreciate it when applicants do well in this area.
3) Your quant. score in the 77th percentile is a slight liability. Most of the top programs like to see applicants cross the 80th percentile in each section. You've fallen just shy of this. This will trigger a closer inspection of your college transcripts (and any other coursework you may have pursued) in search of evidence of a strong quantitative track record (solid grades in calculus, statistics, economics, etc). The adcom may also look to see if your recommenders comment on your analytical abilities.
Of course, with an overall score of 740, it makes no sense to retake the GMAT (in fact, doing so might suggest to the adcom that you don't have your priorities straight). My feeling is that if your ugrad grades were strong and your application materials are strategic, you should be in fine shape.
Best of luck,
Graham
