If you take GMAT at 12/22, then even you can rush into W/K R2 readline, you would just waste your $400. If waiting another year is an option to you, I will suggest you to postpone your GMAT to make sure a decent score.
I do not get your point about wasting $400. You mean if the preparation for Gmat is not enough, it is just a waste.Or you mean, even I make the deadline, I have too little time to complete other application material. It is a waste to apply.