Breaking the 700 GMAT barrier is quite a big achievement, so unless you think you can get a 730 or more, I would not worry about retaking. The management experience is definitely a plus--many applicants to b-school will not have had the opportunity to lead a team professionally and have direct report, so leveraging this perspective will be an advantage. Application numbers are down, so you should have a shot at your target schools, although quality and rigor of your undergrad experience will indeed be a factor as you indicate. The only way to overcome this is to impress them with your career achievements and your career vision, tying them both together into a plan that makes sense and is compelling. Your target schools are not ivy league, so they will not look down on your "no name" UG school like the ivys might. Still, you need to convince them that your responsibility at your job has been progressive and challenging, something that will offer your classmates a unique and insightful perspective.
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