Fishfly, this is a hypothetical as well as personal question. If GMAT is top of your priority and you score say 750+ with your efforts, then this GPA boost don't matter. But, everything is subjective till you give your GMAT or get that GPA. Both your GMAT and GPA can drop with time. So, I would have preferred to make a decision based on future returns of the time invested on these routes. Both GMAT and extra curricula are heavily rated in GMAT application process. You would have to set aside the time for GMAT after your GPA earning efforts. Ask yourself whether you are ready to push your life by say 6 to 12 months?
BTW, I would have gone for GMAT in your situation. Ironically, I missed my distinction by 0.03 percent in college.
So I can understand a bit how you are feeling.