In the real GMAT after attempting the essays I think my position would be the same i.e. attempt first 32-33 questions diligently and guess the remaining 5-4 questions blindly.
Please comment on this strategy
Bad strategy. Don't do that. The penalty for 5+ questions wrong in a row averages 2 to 2.5 percentile points per question. The penalty for one question wrong (questions before and after are right) is only about 1 to 1.5 percentile points per question. Basically, the worst thing you can do is have a string of wrong answers in a row.
Also, go take a look at your accuracy on the ones on which you spent way too much time (3+ min). I'm betting your accuracy really went down. I'm also betting that this extra time spent didn't hurt you ONLY on the 4-5 on which you had to guess. Did you have other sub-700 questions that you answered in <1.5m AND that you got wrong? If so, you likely were rushing and made some kind of careless mistake. It's
never worth it to spend extra time on a really hard question that you may get wrong anyway if the consequence is to miss a question that you actually do know how to do. (And it hurts your score more to get a lower level question wrong than a higher level question.)
Think of it this way:
1) if you get a question wrong that's below your level, that could prevent you from getting the score you should be getting
2) if you get a question wrong that's above your level, that won't prevent you from getting the score you should be getting
3) the reward for getting a really hard question right = an even harder question... not actually a great reward
4) the more time you spend on a quant question above about 2m40sec, the more likely you are to get it wrong (really - somebody did a study)
So it's not worth it to spend a lot of extra time to try to get the hardest questions right. It's actually much more worth it to let those kinds of questions go! (This is ditto for the verbal.)
I skipped the essays while taking the test.
Do the essays next time. I know you don't care about the essay score, but you do care about your multiple choice score, and if you don't do the essays, your multiple choice practice scores will be inflated. You won't do as well on the real test because you'll only be prepared for a 2.5 hour test, not a 3.5 hour test.
A 660 on MGMAT means that your "expected" score is +/- 50 points, not just -50. You still have a month, though, so you've still got some time to keep improving! If you can fix the timing problem alone, that will help you with probably 20-30 points.