Well I can definitely tell you that you are in a much better situation then if your scores were switched (aka 92% verbal and 64% quant). The verbal is less important to Adcoms, and fortunately, your Quant is at 92% which is great! As long as your AWA is a 5.0 and over, and your application essays are very well written (make sure to have many good writers read them over for errors and grammar) you should be absolutely fine. I would not recommend retaking the test, unless you are sure that you can improve significantly in verbal without dropping your quant. If you believe you can, then it might be worth shooting for that 700+ score since verbal will help drive that score higher. I don't even know if it's worth while taking the GRE as a "band aid" b/c unless you destory the verbal then it probably won't mean much.
Also, make sure your recommenders discuss your communication skills specifically, b/c those are the most important "verbal" skills around. Also, make sure they speak on your quant ability b/c Adcoms care more about quant.
This is something that you can overcome, and is much easier than overcoming a low quant score or poor overall GMAT score. Best of luck!
New to the GMAT Club? <START HERE>Get the best GMAT Prep Resources with GMAT Club Premium Membership
My GMAT and BSchool Tips: