Your application is not only the GMAT. I do not know the school you mentioned and the specific program, however, even though GMAT is important its only a part of the package.
I think you should be honest with yourself and ask is the score gonna be better if you will retake it?
Do you have the time to retake it in a serious note? what will you do differently?
I personally believe that its only a question of studying right to get above 40 in each section. If you debrief each exam and study right, it is very much possible.
Anyways, good luck in any path you choose.
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