Take the diagnostic first. Definitely. I know there's a temptation to want to "warm up" before seeing your baseline, but that defeats the whole point of a diagnostic.
Here's why it matters: the diagnostic is supposed to tell you where you actually are, not where you are after partial prep. If you practice a bunch of questions first, you'll skew your starting data and misallocate your study time. I made this mistake early on - I did about 2 weeks of quant review before my first practice test, convinced myself I was "ready," and ended up with a number that reflected partial prep more than my true baseline. Completely miscalibrated my study plan because of it.
The cold diagnostic gives you something specific: a score breakdown by section and sub-type. That's your roadmap. You can't build a targeted plan without knowing where you're bleeding points.
One practical note: take the official GMAT Focus practice test (the free one from GMAC's website) as your diagnostic, not a third-party test. The difficulty calibration on official tests is the most accurate, and the structure matches the actual exam. Third-party tests can give you misleading numbers that send you after the wrong weaknesses.
Take it under timed, realistic conditions - no pausing, no looking things up. Then review every question carefully, not just the wrong ones. That review session is where your actual study plan starts.
Good luck with it.