How good is the chance of getting admit in round 3

Motivated and determined to get into full time MBA. McCombs School of Business is the school I target.
An engineer by qualification and profession but moved to Business Development Division in my company.
3 years of industry experience as a Software Engineer.
GPA : 3.5
I haven't taken the GMAT yet, planned it for start of Feb.( target 700 and above) So, I plan on giving more than 1 month focus on application.
Round 3 deadlines are Mar 31 at McCombs.
How good should an application be to get an admit in Round 3?
Are my chances of getting in Round 3 very sleek?
Should i wait for Round 1 next year or try and give my best at round 3.
Anyone reading the post your guidance will be very valuable to me.

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