High individual scores on two seprate tests, low total scores

Combining scores does not work. Scores matter for fairness and for rankings, not only for personal evaluation. So if Schools aggregate yours together from a few others, that won't be fair to someone who submits a single score. Schools do not do this. AdComs don't take multiple scores into consideration unless you got a strong score that was very lopsided which would cause questions but in this case, it is not really lopsided. So your options are to apply with ONE of your current scores or to RETAKE if you are below the average with 700.

Also, it looks like you got Q47 and V37 the first time and Q50 V34 the second time. You gained 3 points in Quant and lost 3 points in verbal. Sorry! I do have to say it is rather COMMON for people who focus on a specific area of improvement to improve there and to lose ground elsewhere. Very common! That emphasizes and reinforces the point that you have to refresh what you learn and that you can't take a very long time to prep as our brains forget the more subtle things.

Let's assume that the school would cobble your score together from 2 separate ones, the "new" combined score would be 720. Not that much higher than a 700... it is within the margin of error which happens to be around 30-40 points on the GMAT.

Hope it is helpful 😬
And welcome to GMAT Club!