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the thing going for you is that there are not a lot of concepts to learn for the GMAT ... it may not seem that way at first, but if you would have studied advanced math in school / university, you'd know what I mean. So just knowing the concept is quite simple ... but knowing the tricks is more important ... which just comes with practice. By all means, study the concepts, go through them, but leaving out the really sticky stuff like probability, you should probably not take too much time doing that. And also remember that for the tougher concepts like probability, the level of testing on the GMAT is fairly basic so you won't get extremely difficult problems
improving quant - is a very much solvable problem i think improving verbal - is a pain in the backside
I think the main difference between GMATPrep v/s MGMAT on the verbal section is the kind of CR questions. A lot of those on MGMAT are quite different than the real thing, where you end up getting stuck between two answer choices which seem equally good and the reasons for which are equally subtle. On the real thing, most CR questions are much more straight forward, so level of difficulty is lower. The SC bit is pretty much the same between the two. The RC, again quite similar, but on the MGMAT there are certain question types which are quite common like "what is the tone of the passage", these are generally hard to answer and not that common on the real GMAT, atleast not on mine.
My recommendation to you would be :
(a) Practice quant : Not necessarily doing problem sets. If you are at q47/48, getting to 50/51 is just minimizing error rates. Give more CATs and try to spend more time per Q to increase your accuracy. (b) Verbal : My weakness was SC ... and I found brosing through the SC forum here very useful, just doing a random set of questions. But this was after I was done with OG and Verbal OG both.