To be honest, it's never good to be so squarely focused on one school. Everyone should apply to a good range of them (1-2 stretches, 3-4 targets, 1-2 safeties). The admissions process is so painstakingly random (take a look at this board for some examples). Definitely go ahead and apply to Wharton if it's your dream school... but make sure you apply to a nice broad portfolio of other schools as well.
Increasing your GMAT to the 760+ range (99th percentile) would definitely put a notch under your belt. Improving it to 720-730 would probably not be very helpful. Overall, the GMAT will not be what makes or breaks you at Wharton -- it's the work experience, pedigree, extracurriculars, and overall profile.
I would recommend that you post to some of the admissions consultants threads and see what they think. You may also want to schedule a free consultation with some of them. I am no expert.