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Retake 690 after 4 years?

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Hi everyone!

New to the website and it has been really helpful with my applications thus far! Hoping for some guidance.

Background:
GMAT History - I took the GMAT over the summer in 2009 (meaning for most schools this is the last year I can apply before it expires). I will have 4 years of experience upon matriculation and have good promotion history at a well known financial institution.

I took a Princeton review course and expected to do very well on the GMAT since I did well on the SAT, but the computer adaptive nature proved to be quite difficult for me.

5 PR practice exams: scored between 600-620, very disappointing
2 GMAT Official Practice Exams: 710 on both. I don't remember exactly, but I got between a 40-47 on both quant and verbal (flip flopped). More excited about this and more in line with what I was planning on, though if I could take my best score from each section it would have likely been 750+

Actual Test:
Q41, V44
Total: 690
AWA: 6

GPA 3.5+ from U of Michigan in Liberal Arts with several business classes

I was hoping to apply to several top 10 schools in addition to some 15-30th schools (avg GPA 670-90) and a safety (roughly 8 total, a high number I know but I'm not the most confidence with my 690). I finally asked my 2nd recommender and he suggested I retake the GMAT. He was thinking I take a GMAT practice exam blind (or with little review) and see how far my score has fallen. If it isn't too terrible, then holding off until Round 2 for the top schools and taking some focused tutoring sessions to retake the GMAT. It obviously doesn't hurt anything to take a practice test and see where I am, but any advice on what I should do here?

I would say I'm 40% done with my essays and was planning on spending a ton of time on them over the next 2-3 weeks to get finished up for Round 1. This is a choice on where to allocate time as well as how big a deal Round 1 vs. Round 2 makes. In addition, there is a risk that my score would go down and since it is more recent it would likely be weighted more heavily.

Any guidance/suggestions would be great!

Thanks!

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