Hi gsiddj,
To start, it's important to remember that taking lots of CATs will NOT make you a better Test Taker. A CAT is really a 'measuring device' - when used correctly, it will give you a realistic score and help define your strengths and weaknesses, but it will NOT help you to fix any of those weaknesses. To raise your scores, you have to put in the necessary practice and repetitions. The CAT will show you whether your studies are helping you to improve or not. The issue that you've described really cannot be fixed in a week, so you have to think about your big-picture goals (the REAL goal is to get into your first-choice School).
1) If you don't score 700+, then will you still apply for these upcoming deadlines?
2) If you didn't apply for these deadlines, then when is the NEXT round of deadlines?
If you have a strong OVERALL application, then there's nothing inherently wrong with applying during a later Application Round. However, it's worth noting that there are fewer 'spots' available and you'll be in competition with not only those applicants applying during that round, but also ALL of the other applicants who were wait-listed in prior rounds. If your application looks 'rushed' or 'sloppy' because you didn't put in the proper time and effort to prepare it, then the Admissions Officers will notice.
You might be just fine right now, but you've described a situation that seems problematic. If you "need" a 700+, then you have to follow the proper plan to get to that level.
GMAT assassins aren't born, they're made,
Rich