Varun921 it's very hard to say without knowing more of your profile. The main reason you would've gotten an encouragement when you don't quite meet the competition is if they were underenrolled. LBS has been accepting apps for their MBA program well past the deadline this past season and it's possible that they had trouble filling other classes too. There's no guarantee that next year will be the same, who knows where trends will go with applicant interest?
Generally speaking we would not suggest someone try for any of these schools without the basic qualifications (GMAT, or in some cases people try applying without a college degree, a few European schools are flexible on this). It just makes it much much harder to get in.
Plus, prepping for the GMAT gets you ready for school. Bschool is very difficult, you will be at a disadvantage if you get in without being ready.
Not seeing any advantage at all to trying to cut this corner, sorry.
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