I think either way, school rank matters to some degree, as long as it's a reputable program overall.
Considering that you're an engineer and in a school that attracts a good amount of engineers, you're right about needing a score near 700. The median is at 700 there (I guess Haas is the only school had a median at 700 for the PT program).http://ewmba.haas.berkeley.edu/communit ... ofile.htmlhttp://www.businessweek.com/bschools/ra ... /haas.html
I think you'll need to take it again but you also gotta study hard in the GMAT to get into UC Berkeley. I'm still busting my butt for one more run to improve my score a bit to get a better shot at my target schools while writing essays at the same time. Good luck.