Should I even bother?

Perseverance can go a long way.... if you want it bad enough you can do it. It took me 3 tries to "crack" the GMAT (and I never did crack the math) -- and many others on this site have taken it several times as well. I even know of a few who took it four or five times. A lot of people don't get in their first year and have to reapply but get into great schools on 2nd tries, often with scholarships as well (one guy who was waitlisted at booth one year, reapplied got in, and got a scholarship at Ross as well comes to mind).

Granted, as the prior poster said, without a sense of what your goals are, its hard to say how realistic they are - but you seem rather level headed so I imagine they are reasonable.