I am considering applying to the Harvard 2+2 program and would greatly appreciate some honest opinions with regards to my chances of acceptance. Any sort of feedback/advice is welcome.

Undergraduate Education:
Virginia Tech (Top 15 engineering school)
B.S. in Chemical Engineering with a minor in Chemistry.
Current GPA:3.35, expect to graduate with 3.4+.
Math GPA (I heard this may be important): 3.55

GMAT:
I have yet to take the GMAT, but I took an official practice exam and scored a 700 (Q44,V41) without studying, hoping to bring it to at least 730 by improving my quant score.

EC's/College Involvment:
Fighting Gravity, L.L.C.(Co-founder/Part Owner/Performer)
-Competed in America's Got Talent Season 5, received 3rd place out of 100,000 acts. Performed in front of over 15 million people on live television.
-Toured with "America's Got Talent Live" for 5 weeks. Tour spanned 25 cities throughout the U.S.; performed in front of over 100,000 people in live venues.
-Guest performed on "Germany's Got Talent" in Vienna, Austria.
-Performed for the television show "Red or Black" in London.
-Performed with Far East Movement on the Much Music awards (2011) in Toronto, Canada.
-Helped manage business as well as headed several production projects (building props etc.) for large clients.

Currently working on start own nutrition company.

I am also a member of a social fraternity, have 30+ hours community service each year, active in intramural sports.

Letters of Rec's:
Letter's of rec should be pretty good, they will be from:
- a mentor of mine that now works for Cornell
-either the Vice President of Virginia Tech who doesn't know me very well or a chemical engineering professor who knows me very well. Any suggestions on which I should ask?

If you are still reading you get my up most respect, thanks.

Phil

So you're saying there's a chance...

Thanks for the feedback. Anyone else has any advice?

Your EC's are great! Your GMAT and GPA are in line, just need to work on presenting your story and goals and you should have a really good shot.

I have an update to my profile:

This last semester was by the far the hardest of my curriculum, and perhaps the hardest semester of any major in undergrad (5 junior and senior level chemical engineering courses). My overall GPA is the lowest it will be in all of college at 3.25 (next year will be much easier and my GPA will go up).

I also just finished taking the GMAT missed my goal by 10 points, scoring a 690 overall, with a 46/38 quant/verbal split. I feel as if i could have done much better on the GMAT (with the two most recent GMATPrep scores being 740 and 730) but freaked out at the beginning of the quant section.

If you guys could offer some wisdom on the following questions I would greatly appreciate it:
Is there even a point to me applying to Harvard with my updated academic profile?
Will my profile consider full consideration in spite of not having a 700+ GMAT score?
If I was able to retake the GMAT (but had to apply at a later round because of this) and improve my score to 730 would it increase my chances enough to be worth the cost of the test?

Any insight or encouragement I would greatly appreciate, pretty bummed and considering not even applying. Thanks for your time