as I far I know most top business schools would not favorably upon you taking the test 3+ times.
I'm not entirely sure you're right.
I've consistently heard from every admissions rep (top 5 schools) that it doesn't matter how many times you take it - as long as you see appreciable improvements in your score.
These same reps note that 5+ attempts with similar score ranges seems excessive and questionable. The schools care about their incoming class's GMAT score only to maintain their GMAT median statistics. They don't care about and they don't report the number of times their students have taken the exam.