Suggestions for me(?) and a word of advice 4 Non-IIT Engg

You may have read many 700 plus stories but this is not about 700
This is about 640 (Q47, V31) and wasted efforts of 5 months of rigorous study
I (an Indian, non native so verbal is my weakness) have started preparing in March 2012 and started with a GMATPrep1 of 540.
I studied regularly 2 hours in weekdays and 6-8 hours in weekend.
In the last leg of the study (May, June, and July) this study time increased to 4-5 hours in weekdays and 8-10 hours in weekends.

Study Material Used:
Quant:
MGMAT Quant Books
MGMAT Advance Quant Strategy Guide
GMATClub Tests (Now, i know these tests are closet to the real Quant)
MGMAT Tests

Verbal
MGMAT SC/RC/CR guides (4th Edition)
MGMAT Verbal Foundation
Powerscore LR Bible
MGMAT LSAT CR Guide
MGMAT LSAT RC Guide

Following are my Mock Test Results:

GMATPrep 2 (AWA + IR) 710 (06th Aug)
Kaplna 610 (28th July)
GMATPrep 1 (AWA + IR) 710 (22nd July)
MGMAT CAT 2 (AWA + IR) 680 (1st July)
MGMAT CAT 1 (AWA + IR) 680 (24th June)
MGMAT CAT 1 (AWA)690 (21st May)
GMATPrep 2 (AWA) 720 (16th May)
GMATPrep 1 (AWA) 710 (13th May)

I was expecting Q47 and Q48 and it was not a surprise for me.
In Verbal, I was not confident of my Mock Tests scores because in each of these tests i faced many previously attempted Q's. Though i tried to spend appropriate time for the corresponding but didn't deliberately marked them wrong. SO yes, it was inflated. But i was not expecting V31

The good part is that i was able to finish IR, Quant and Verbal in time without any hurry. I have decided to maintain my pacing strategy as suggested by MGMAT. I guessed a 1 or 2 alternate Q's if i am behind mile stones. I end up guessing 5-6 Verbal Q but not consecutively. In quant it was all on the time.

Now the bad story, in introspection, i was confident in answering majority of Quant Q's and opposite is true for Verbal.
In particular:
RC and CR:
I was not able to confidently eliminate the wrong answers choice from the final two choices and may be i marked the wrong answer.
SC:
I was hardly confident in any of the SC Q.

So here are my Question:
1. I my next attempt i am targetting Q50 (minimum) and V40 (minimum).
Is it a realistic (SMART Goal) target?

2. What is the best retaking strategy for me?

Advice to Non-IIT Engg. Grads from India
1. Don't think that GMAT is an easier exam than CAT (IIM Entrance Exam). In AWA terminology its a conclusion based on many questionable assumptions and unsupported premise. This can be true for IIT Grads but not for us lesser mortals. I know many Non-IT Engg. Grads, misled by 770 GMAT Briefs, who go through the OG's and a basic study of concept and end up with a 500-600 score. Be aware, it is as tough an exam as IIM-CAT if want to get into a good MBA college. We are the overrepresented in MBA colleges across the GLOBE and a low GMAT score doesn't help.
2. You have to toil hard and study harder than you ever did. Learn time management. On top of it this also is not enough, you have learn to study smarter. Smart use of your time and resources. Choosing best material from terabytes of study material and thousands of GMAT Q's.