Research MBA Programs

I just took the GMAT yesterday and came out with a disappointing 650 (79%) (Q39 (50%), V40 (89%)). I'm not saying that 650 is horrible, it just is not as good as I was expecting based on previous practice (routinely 700+). I've been studying for the last 2.5 months and have never had a math score as low as I did yesterday (this was 25% points below my worst practice exam). I completely froze on the first 3 questions and couldn't snap myself out of it till half way through. I left the test center for the break and calmed myself enough to score adequately on the verbal. My verbal is a few % points below my average on practice exams. I'm trying to determine whether to study more (maybe relieve myself of the do or die pressure imposed the first time around) and retake in 4-6 weeks or to focus on applications.

Here is my background:

GPA: 3.3 Top 5 U.S. Liberal Arts school (major: neuroscience and behavior). I took a lot of hard core science classes.
GMAT: 650
Work Experience: 8 years in a small (25 EEs) research and analytics firm for the insurance industry. I started working for the firm as a senior in college when the firm was 3 people. I've helped grow the firm to its current size going from an entry level research analyst to managing one half of the business today (10 employees) including all operational responsibilities for my division: employee growth, R&D, consulting and project management etc. I report directly to the CEO (one of my recs). I've had the opportunity to run large R&D projects as well as consult to some of the largest insurance carriers in the country. I have an entrepreneurial spirit, which is probably why I've been at my current company so long. I've also begun work on personal projects I find of interest when time allows. I am an execution based individual which is one of the reasons why I'm so frustrated with my GMAT score (I didn't execute) but it's part of the reason why I am where I am today.
Application Pool: U.S. born and raised, WM
Age: 30
Goal: I want to run my own business one day, whether it's the one I currently work at, one that I develop or one that I become a part of after b-school. The recession has showed me that one needs to really be proactive in how one manages a business and there are skills sets that I lack.

Schools: I'm looking at either a part time program at Stern or a full time program within the top 15-20. Do I have a chance at either of these with my GMAT score? I need a dose of reality to determine whether I should spend more time studying for the GMAT or begin applications (but to where?).

I don't know if I can compete or if I'm competing with applicants from McKinsey, Bain etc who have the big consulting experience and better scores.

Any advice is much appreciated.

Dont reappear.

You will do great with this score only, unless you feel a gush of arrogance.

Put this preparation time on application time.

Best of Luck.