Round 1

Hi and welcome to GMAT Club!

First of all, it will be a very tall order to get into the programs you identified with a GMAT score that's 40-50 below average. I looked at Haas Decision tracker and only 1 person got in with the sub-700 score last year, the class of 2021 https://gmatclub.com/forum/haas-195/dec ... acker.html

As to the R1 vs. R2, there is a lot of variables and nobody has been able to quantify chances in R1 vs. R2. The general saying is "better" but is it 0.50% better or 50% better? Likely nobody will tell. You have a choice to apply to lower ranked schools in R1 or retake the GMAT and get at least the average scores and apply in R2 or you can ignore me).

You could split your strategy across 2 rounds (dip your toe in the water, get some feedback, do a dry run so to speak and potentially capitalize on that R1 chance). But I think the main strength of your application will be in R2, but I would not apply to schools you are not going to attend. Here are my further thoughts on R1 vs. R2: https://gmatclub.com/forum/round-1-vs-r ... 98430.html