Hi RD14,
Answering your last question first:
No, multiple attempts at the GMAT don't hurt your application, especially when your first score is a 700. In fact, making another attempt can show commitment and willingness to study further (something schools look for as a sign you're ready for returning to academic life after being out in the work force for a while).
The main challenge you're facing: TEST DAY SCORE DROP OFF
Because I specialize in Retake Coaching, this is the most common challenge I help people address.
There are 3 key elements and they're almost always process related rather than knowledge related.
The problem is going back to the same practice problem/practice test approach is at best going to be slow and at worst unsuccessful.
You need focus on building more resilient in-test processes. Just like taking a shot in a real game is different that in practice, the same applies to the real GMAT.
Every stage of answering quant and verbal questions has to precisely followed consistently for both quant and verbal questions. That consistency of approach (rather than just knowledge) will close the gap between practice test and test day performance.
If you want to know how your process gaps are affecting your Readiness for the GMAT, take our FREE 90 minute Readiness Assessment. You'll get a detailed picture -- answering the big WHY question about your score drop-off.