The Application Process

I am considering a PT evening MBA from either Booth or Kellogg and trying to decide if I need to take the GMAT again. I took it once, three years ago and scored a 550. It was such a painstaking process studying for a standardized test that you get no value out of, and I don't think I can go through the process again (nor do I want to waste another 2/3 months = 1 semester). I decided half way through the test process that an MBA was too expensive and wasn't the best investment at the time (no tuition reimbursement from Company). Now, however, my company is offering a partial reimbursement program and I have heard of the PT tax deductions available, which together would cut the cost in half.

I'm hoping my undergrad, strong work experience, essays, interview and recommendations can get me in with the 550 GMAT score. I have a 3.55 undergrad GPA from Michigan State University, majored in Finance and have 8 years of work experience (3 years international commercial banking and 5 years in leveraged finance/investment management). I am also on the Associate Board of a very prestigious non-profit. If I really focus on my essays, is it possible to get in with a 550 GMAT score (from 3 years ago) for the PT programs? I would like to start in the Spring semester and taking the GMAT again would push me back into the Summer or Fall semester.

Thanks!