GottaWin,If you are planning to take your GMAT towards January end, then you might miss out on the Round 2 deadlines as well for HBS, Wharton and Kellogg, which are some time in the first/second week of January. So you will be able to apply in Round 3 only for these colleges, provided you start with your applications immediately after your GMAT - trust me, it takes a lot of time to get the essays perfected.
(Kellogg has a 2-part application and part 1 of the application for Round 2 had to be submitted by 14 December 11:59 pm CST. So, you've already missed this one

)
Most b-schools start reviewing applications as soon as they receive them. However, interview calls are sent out a month or so after the respective round deadlines. If you're applying by the March deadline i.e. Round 3, if your application is selected, you should get an interview call by April end or May.
Hope this helps!
Cheers!