GMAT Strategy

Hello Experts - I'm looking for some insight to point me in the right direction with my timing and anxiety issues. I gave the GMAT in October, 2011 and scored a 630(Q46 V31) after self study of 2 months. Even though I did not cover all the knowledge areas in Depth esp Verbal but this score didnt reflect my true potential. Further, since I was applying for B-Schools along with my GMAT prep I was under some pressure that decided to surface on the GMAT leading to timing issues. I then decided to work on my Verbal so I started taking Private classes and worked hard on SC and CR sections. Finally I could see great improvement as I was now scoring 720-750 on GMAT preps with 10-15% repeition and in no practice test below 45 in Quant.

Unfortunately I took the GMAT again on Friday and scored a mere 610 (Q 40 V34) and had major timing and panic problems. In Quant, I was under such pressure that I was taking twice as many seconds to perform a simple division and that the damage showes in my Quant score. Same timing problems distressed me to the point that by Q 30 in Verbal I had an anxiety attack that forced me to close my eyes and take breather as I was too huffed and puffed to even finish reading th question.

For the 2nd attempt I felt that I was much better prepared material wise but the GMAT beat me at the Psycometrics so what could be a way out of this anxious mindset in the exam?