If you take the exams right before the application deadlines, I'm afraid you will be too stressful during the exams. As you can see in other people's test experience, unnecessary pressure usually influences the performance in a bad way.
So, if possible, give yourself a "buffer". It doesn't mean you will take GMAT or TOEFL again, but makes you less stressful.
Sounds like you will be rushing your application. Your should read the <b><a href="http://phdmilestone.blogspot.com/2006/08/schools-recommendation-prepare-early.html">advice from GSU</a></b>.
I suggest you wait to appy for the Fall 2009 intake instead.