New to GMAT - study plan overview

Hello to all, this is my first message in the forum.
I just started my GMAT jouney, and I intend to take my test in the final days of November. My goal is INSEAD, with a GMAT score of ~700.
I've purchased all 9books from MGMAT and also OG13 and OGVerbal/Quant 2r.
I also took my first MGMAT CAT test 4 days ago and scored 540 (Q37, V28), with 0 hours study, no knowledge of the test and questions, and ending the quantitive part with 10minutes remaining and also verbal section 5 minutes ahead time alowed (I think i thought to much in the time aspect and took some careless mistakes as well after my review).

My plan is roughly:
Start in August: Start reading books - have 20days for vacation but i need to rest (everyone who has had a 1year old son knows!)
1st month Sept: Study/Remember Quantitative part (engineer background), and start Verbal study.
2nd month Oct: Continue verbal study and start OG exercises and take 2tests with a 15days.
3rd month Nov: OG exercises + 8 test for endurance and time awereness.

Do you think it's achieveable with a mean of 10-15h/week study + 5h/week reading, and a low score of 540 in first test? Should I start with verbal instead? (7,5 in IELTS).
Do you insert every question you take on your ErrorLog or only your wrong answers? Because accuracy reports needs your correct inputs as well but then, your error log start taking you too much time isn't it?
Any other helpful advices?

Thank you.