If I wait a year, would med schools look badly upon it since the majority of students apply after their junior year? Would I (or should I) explain why I decided to apply a year later than usual? If so what can I say to them as the reason (can't just say I wanted to bulk up on ECs)
It is definitely not unusual to take a gap year. I don't know about the national #'s for people who apply right out of undergrad vs. taking 1-2 years off, and my anecdotal evidence might not stand for every school, but I can say that on my 8 interviews, I was definitely in the
minority (aka almost all of the other applicants at my interviews took a year+ off for research or work, or they were non-trad applicants). Many secondaries will ask you to describe what you did/plan to do between graduation and matriculation, and they just want to see that you're doing something constructive and not bumming on the couch watching TV. You can say you wanted to pursue interests, work, travel, learn more about medicine, research, etc.
If I end up choosing to apply this cycle, do you think its worth it to wait until August to submit my application just to boost my cGPA up from 3.27 to 3.33?
Submitting in August will mean you will be verified sometime in September, and then you still have to do secondaries, so you won't be complete at schools until end of September/October. This is pretty late to be complete, especially with a low GPA. Also, you want to focus on raising your sGPA, not your cGPA (your cGPA will obviously go up as a result of raising the sGPA, but the sGPA is more important). I know it seems like a waste of time to wait a whole extra year to apply, but you would have the potential to really improve your application and your chances at admission.