As losttraveler advises, the answer depends a lot on the notification date of your round 1 schools and the deadline of your round 2 schools. Also keep in mind that you have year-end then and the holidays, which can be quite a distraction.
I advise applicants to work on parallel tracks. For a brief moment, assume you are not accepted to any of your R1 schools, when do you need to start work and writing to submit by the deadlines? Set up your writing and editing schedule accordingly. Hopefully you will not need to complete much of the work that you will have started. However, if you do need to complete it, you'll be ready.
Co-Author of: MBA Admission for Smarties: The No-Nonsense Guide to Acceptance at Top Business Schools
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