GMAT - Q vs. V at Top 20 - 50 school

I am in the beginning stages of GMAT prep and found it interesting that b/w two candidates at opposite ends of the spectrum as far as the spread b/w their quant and verbal scores, the candidate with a mediocre quant score and a strong verbal score will score much higher than someone with a strong quant and mediocre verbal.

I’ve read on message boards (beatthegmat, etc.) that candidates are often told to re-take the exam if their quant scores are too low (even with an overall score well above 700) if they are trying to get into Harvard, Chicago, etc.

I’ve also read that you generally are on solid footing if you score in the 80+ percentile on both of them.
So, my question is, for programs like UVA / Texas / Rice and on down the line, if you score 700+ but are relatively week on quant, how much does this harm you.

Is quant that important for all schools or is it just the top programs that will flag a 740 GMAT if the quant section is a little weak?

Also, this seems kind of racist – Asians just can’t catch a break.