@arun, I would encourage you to take the time to get the GMAT part dialed in completely even if you need to push your test you need to push out your test date little bit.
It is absolutely the most logical decision for you to apply in round 2. The idea of slapping your applications together with the remnants of time you have left in round one is completely unthinkable.
I think there's a popular misconception that you're at a serious disadvantage if you don't apply in round one but that is simply not the case.
It's important to remember that any possible advantage by applying in round one is completely and totally off set by the advantage gained having a more competitive profile and a more interesting compelling application.
As a side note, I do want to emphasize, no matter what your GMAT I would recommend really taking the time to put in an outstanding application.
This is true for everyone, no matter what their GMAT score profile, because applicants with super high GMAT scores that are not well positioned, and don't have interesting applications, are shut out every day by their safety schols.
People often get confused, thinking if my GMAT is good enough then my application doesn't have to be or something along those lines.
This is really not the game to be played of reaching a minimum standard but maximizing your investment to demonstrate diversity and uniqueness in your profile.
Farrell Dyan Hehn, MBA
Admissions Consultant & Verbal Strategist MBAPrepCoach.com