Dear Parmita,
I actually (and respectfully) disagree with your options. In my opinion, your options are as follows:
1) Apply with your current score, but target schools with lower GMAT averages that might find your profile interesting. These would be smaller programs.
2) Retake the GMAT in mid to late September to increase your score and still apply to your target schools and maybe a few others that are not as competitive. You still have time to retake the GMAT and apply to enter in fall 2009. Being in the second round is not a negative nor does it put you at any disadvantage.
3) Wait to apply next year, not because of retaking the GMAT, but because you feel your application overall will be stronger. If you think you can enhance your work experience, showing career progression, and need the year to study for the GMAT, then it might be worth waiting.
Being a re-applicant is not a negative, but it is definitely not a strategy I would encourage.
Good luck,
Lisa