In my opinion,( btw, I have a PhD too) shotting for a top 50 school is not a big deal at all. In fact, you shall try a much better one. Low GPA is not a problem. When you have a PhD, academic performence is no longer what Adcom scrutinizes on. But you should have a decent GMAT score.
A PhD degree may help or hurt you, both in a signifant way, depends on how do you link it with your short-term and long-term goals. Of course, you do not want to be another perpetual student to the Adcom. But if you can demonstrate you can carry over your academic experinces into the business world, it is a plus for your application.
The real problem is internship and job hunting. For some feilds, without working experince, it is hard to get in. But your previous PhD experience may help your in other fields. I know there are already tons of both PhD+MBAer in the industry. Some of them get concurrent degrees, other applied B-school after finishing up a PhD first, they are all successful, both in life and in career.
It is hard to give comments on your PhD background in general. Some fresh PhDs in math and engineering go faculty positions or other equivalent positions in industry straightly. Most of PhDs in physics in the northeast end up on The Street do finance. But in my fields, biomedical, years of postdoc. experience are becoming more and more a standard. That is the reason I apply for B-school to find new opportunity for my past experience. and I believe my previous biomedical experince is a plus when I do biotech management and investment consulting in future. If you have a PhD in 17th century English literature, you may need dig a little bit deeper.
Whether you call it permanent head damage, or Ph(Fxxxing)D,(quoted from a friend),PhD is still a highly recognized acomplishment in the US. People,in general, show more respect to your PhD than your MBA. It will definely help you in future. Find a prefect niche, you can utlize it to your way.
My only suggestion: go for a better school and go NOW. At the end of the day, your age is your primary enemy,and this is true to everyone.
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