Am I too late to start my application

Note: I am interested in Master of Management programs across Europe with most deadlines in May. I'm currently working on a BSc. in Physics. I do not feel ready for an MBA as on this stage (not yet decided on a career track and only internship experience) I think I won't fully utilize my participation in such a program.

Now the question: I recently started preparing for the GMAT test with the idea of taking it in the end of March which is reasonable. On the other hand I am graduating in June so on top I have to write a thesis and deal with the whole application process (most application deadlines I'm concerned with are in May). I have two options now:
1. Rush trough the process and apply barely making the deadlines. Here I'm decreasing my chances because my application will be among the last ones to be reviewed. Would a rejection now decrease my chances of applying in the future
2. Wait a year. This will probably give me really good scores on GMAT and decent essays but how do I justify this gap year.

Every sort of advice would be appreciated. Thanks in advance