The few recruiters I've talked to for schools told me that it really depends but mostly seemed to dodge the questions? I was wondering this too as I made the GPA requirements. My one coworker made it in to an MBA program without needing to take an exam and didn't even really stop to question needing to take one. However, she had so many years of experience under her belt already. She got in fine and it didn't look bad on her, but she (again) had a ton of years of experience.
For someone like me, 10 months overall accounting ASSISTANT experience and a GPA of 3.55, it might look bad, it might not, it really depends on how they see it. Half the times, they'll just not give you a waiver and you'll just end up taking the test anyways. I suggest studying for the GMAT as a backup plan. I know you might have to apply to get a waiver here and there and during the time it takes to wait for a yes or no, you could have spent that time studying. Just in CASE, they say no, at least you spent the time being productive right? While I'm hoping for a waiver too, I'm not putting my hopes on it.
Sorry I couldn't help too much as I'm mostly wondering the same thing, just my own opinion.