sounds like a process which you can enjoy. just some personal opinions: it could take 1-2 months to get well prepared for G/T, but it's hard for one to get one quality resume in less than a month. again, it's just some personal thought.
Also you need to pay attention to the deadline for which the scholarship can be applied for by internaitonal students. Some b-schools require that you apply before round 2 in order to be considered for financial aid.