Hi Pacific2014,
You've got a few different issues going on here, so let's untangle them a bit. Yes, your numbers -- GPA and GMAT -- may be low for the program you're targeting, although FEMBA programs typically have lower expectations in this area than full-time MBAs. However, FEMBA applicants are usually older, bringing six to ten years of work experience, so here you're still a bit under the median as well. Why in particular are you targeting an "EMBA"-style program? Is it a matter of finances or wanting to keep your current job while you study, or more about the GMAT/GPA issue? I'm assuming your post-MBA goals will involve a career change?

The quick answer to your question is, "both" -- retake the GMAT, also take the coursework. And you might also consider taking another year before applying, unless you have a reason for doing the FEMBA now that will be compelling to the adcom.

Hope this helps.
Margaret Strother