Profile Evaluation Request for MBA fall 2010

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I am aiming for Fall 2010 admissions to a full time MBA program. My details are:

i) Background: 25 year old Indian male

ii) Undergrad: BTech Mechanical Engineering from Indian Institute of Technology Madras (IIT) with CGPA 7.0/10

Class 12 : 89%
Class 10 : 85%

Qualified in top 200 in India in NSEC(National Standard Examination in Chemistry) conducted by BARC in 2001
Qualified in RMO(Regional Mathematics Olympiad) in 2000

iii) Career: 4 years (as of Jun 2009) in IT industry with Tata Consultancy Services (TCS).I have been involved in entire life cycles of various projects starting from client interaction,requirements gathering,analysis,design,delivery and deployment.(Have 4 technical certifications).Currently I am leading a team of 5 with primary focus on coordinating work from onsite to offshore.

iv) GMAT: Last score in Jun 2009 was 740. Have taken the GMAT three other times in 2008 with scores being (680,660 and 620 in chronological order).

v) Extra curricular:

Was an active member in Vivekanada Study Circle group (a student body that aims at promoting social service and educating the deprived in nearby slums in Chennai ) for 4 years while at IIT Madras.Participated in various hostel level sports and cultural activities.

TCS: Am member of Maitree (Corporate Social Responsibility wing of TCS for past 4 years) and participated in various social awareness drives.Have coordinated for various project functions at TCS

I have been involved in a start up called Visionrobo (specialising in robotics).This organisation has been started a few months back by a few friends of mine.I have been involved in their web design and in fact most of their business strategy planning.
I am not sure whether this involvement will help me.In case it does, how should I highlight that?

vi) Post MBA career - I have various ideas and am confused since I want to utilize the momentum gained over past few years.Please advise.

My questions are:

1. Could you please provide your perspective on what my target school list in terms of stretch, sweet spot and safety should be?
2. Will my multiple GMAT retakes be a disadvantage?
3. How should I shape up my application to make it int a good school?

Thanking in advance.

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