Importance of business school for MBA?

So I am currently facing a bit of a dilemma right now.

I've been accepted into UTD with full scholarship, but haven't been accepted into the schools that I really wanted to attend like Rice and Mccombs. This is a bit problematic considering my eventual goal has been to break into PE, HFs, or AM.

I have a 730 GMAT, sub 3.0 GPA, a little under 2 years works experience doing credit/income analysis at a mortgage bank, and have recently started working as a financial/investment analyst in real estate development. I believe a large part of my rejections come from lack of work experience and low GPA...obviously I can't do anything about the GPA, but my current job is giving me a lot of relevant experience and filling in my thin work experience.

Considering my goals, would it make sense to turn down UTD and apply again for schools for next year? My friends and family all think I'm crazy to do that, but none of them are in the investment industry. I think that if I retake the GMAT and build on my work experience I'd have a better shot. How important does school become for breaking into the industry, and for down the road as well?