Hey
ash3105Thanks for posting. I'm going to work backwards here and start with your scholarship question. Generally, your chances are highest at schools where your stats are significantly above the average. For the "reach" schools you have listed, it might be tough.
Now, on to the rest of your profile. Schools will dig your 3.57 (you're coming in close to their averages) and I think they will like your aviation experience too. There are lots of engineers applying, but not too many big aviation engine engineers.
I do worry a little bit about the 720 at your reach schools. To apply from a position of strength and increase your chances, I'd love to see 740+. Even a 730 will be a better number. I know 720 is great and 48Q is awesome, but you're trailing the average GMAT scores at your top schools. What I love though is that it's May! You still have plenty of time for another take. Pay for the extended score report, see where your weak areas are, focus on them for a few weeks (don't give yourself too much time...work expands to fill the space...) and try again early June.
I like Ross on your list a lot -- it's a good target. Tepper and Johnson are good safer options. Take a look at Fuqua and Stern perhaps if your GMAT stays at 720.
I think you are the type of person who would get a lot out of a free 30 minute consultation, so please set one up! Link in signature.
My best,
Krista