GPA Role in MBA Admissions

So I attended an info session at McCombs recently, and the adcom said that the GPA they report is calculated only from grades earned in upper-level courses. This kinda sucks for me, because a) I'm an engineer, and our upper-level courses are extremely tough (i.e. lower grades), and b) my "adjusted" GPA is a 3.49, while my actual cumulative GPA was a 3.7.

Will schools that value a high GPA (e.g., Yale SOM w/ median of 3.69) place any value on the rigor of my degree and my cumulative GPA, or are they too stat-hungry to choose me over the guy who studied political science and is rocking a 3.9?

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