I went and talked to many different schools (DO and MD), and they told me this:
1.) Get a masters in any science and do well
2.) Do well on the MCAT
I agree that my MCAT needs a lot of work, but to say that having a high GPA with a chem masters isnt extremely helpful is untrue, according to admissions themselves.
An SMP isnt helpful to me at this point because Ive already shown I can handle an extremely difficult load well. I just havent proved I can score well on standardized testing yet.
I can't see it hurting to apply a couple times. Not enough to make the difference for an acceptance/rejection.
I think the consensus everyone is saying here is you are going to be taking a huge gamble applying with that low score and being a reapplicant isn't a good thing. Most people I know say you get three strikes. By the third strike of reapplying, if you are rejected, then it's game over. That being said, there are always people who applied more times and get in and people who have low numbers that get in. However, those instances are really RARE. The safest thing to do is restudy and take the MCAT again (as you are planning) to show them you can do it. In medical school, you're going to have to take so many more standardized tests. I think taking some time to learn how to study and how you take tests can not only improve your MCAT scores but increase your board scores later on.
I agree with others here who says that applying to as many school as possible isn't going to increase your chances of getting accepted. You have to be very very meticulous on where you apply. For example, do you have ECs that resonate with one school's mission? If so, maybe they will overlook a low score because you match their mission. That is something to consider.
All that being said, if you feel you are prepared and want to see where you stand, I will say go and apply. Although I didn't do a Master's program, I did take an extra year in undergrad to demonstrate an upward trend and did a lot of extra curricular. My advisor suggested I wait another year and retake the MCAT to get a higher score, but I wanted to see where I stand. I went and applied, but I was very realistic about my chances as was preparing to apply to a Master's program, etc. I understand you have worked hard and it sucks to think that your upward trend and ECs mean nothing because of a low MCAT score. However, again, don't go applying to every school (unless you are that rich and can really afford the money as well as the time doing supplemental) and remember to be realistic about your chances.
While applying, you should start working on retaking your MCAT as well as adding to your application with other things such as shadowing, etc. because if you are not accepted, then you need to show improvements as a reapplicant and not just with an MCAT score. Good luck!