Please evaluate my profile, targeting sept 2011 admissions

Hi,

I have scored 640 in my first gmat attempt and 540 in second attempt.
I want to go ahead and apply in round 2 score 640.

I am Indian male/27,
5+ years of work ex in IT software telecom. Recently promoted to project lead.
GPA- 2.4/ 4.0,
Engineering from IIT(Top collage in India)

Targeted b schools for R2 are,

1. York university, Canada,
2. Rotman, canada,
3. NUS, singapore,
4. Nanyang singapore,
5. smeal, penn state, USA

Reasons for selecting the above are,

1. R2 deadlines for above schools are 1st feb.
2. Avg gmat score.

Please let me know if i have aimed high or low.
If i work on the other parts of the application such as essays and recommendations,
I should be able to manage an admit.

Please suggest.

Will the decline in gmat score from 1st attempt to 2nd attempt hamper my chances of admission?

Pramod