Rohit-
As an admissions consultant, clearly my advice is biased, but can say that what we do is to help draw out the best version of yourself and assist you as you weave together a compelling story and vision for the adcoms. Because using a consultant has become so commonplace, it's now akin to getting an attorney before going to court. We simply help you prepare the best case possible.
As for Santa Clara, I am not sure why it has dropped in the rankings, but it has always been a reputed b-school. You are looking about this the correct way: if there are people in your company who are Santa Clara grads and do well, and if this company is where you plan to make your career, you could do well going there. Always good to have an existing network. In fact, an Anderson MBA could work against you in some ways if everyone in your company has SC MBA. They might look at you as a threat and create roadblocks instead of looking at you as a peer from their alma mater. Having said that, the ANderson name will carry better in Silicon Valley (but I have friends who graduated SC and are doing well there). Typically the better the school's reputation, the better opportunities you can get in your post MBA career. I would say apply to all and see where you get in. I will also say that as part time programs go, a 700 GMAT is nice and high, so you should have a good shot with a compelling essay and application package.
_________________
Bryant Michaels
Admissions Consultant