I would advise retaining the 720 score with a 44 quant. While it is true that the quantitative portion is more important than the verbal portion, the difference between your total scores is much greater than the difference between your two quant scores. Furthermore, you should consider the GMAT totals and the quant scores are used differently.
The TOTAL GMAT is used for two reasons:
1) Ensure you have the academic ability to succeed in the program
2) Help with the rankings. Overall GMAT scores are considered in a school's ranking
The QUANT score is used to ensure you have the quantitative ability to succeed. There are many ways to show you have analytic prowess other than the GMAT: math classes in university, analytics projects at work, additional quantitative courses you take.
While I would need to understand your overall application to provide definitive advice, my general take is to retain the 720 and show your quant abilities in other ways.
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