Personally, i think the 710 would play a greater role. My reason is as follows:
The difference between a 710 and a 720 is nominal, if any. For top b-schools, they see a whole bunch of 7xx's that you will not be admitted simply because you have a 720 or a 710.
The 720 score has a quant score that will probably make the adcoms wince a bit. At 68% percentile, that quant score will not go well with some quant-heavy schools, such as wharton. In the 710 case, the 77% Quant score is close enough to the 80% threshold that it won't be that big of a problem with AdCom. With your verbal score being that high for both test, a 98% percentile or a 89% percentile is not going to make that big of a difference in the adcom's eyes. What the adcom will see from either a 89% or a 98% is that this person knows his English well.
This is why I'd choose the 710.
GMAT Club Premium Membership - big benefits and savings