Next, you will only answer about 60% of the questions correctly in either Q or V (unless you are scoring VERY high). So, yes, you can bail on quite a number of questions and still get a good score! You can bail on 4 to 7 questions per section (in this context, "bail" means that you don't even try to eliminate some answers / make an educated guess). Most people can do this on 6 to 7 questions. Someone going for a 50-51 on quant should do this on 4* questions. (On verbal, if you're capable of scoring 43-45, chances are you won't completely bail on any questions, but you'll narrow down and guess on some.)
*I have had multiple students do this on quant and still score a 51, the top score on quant. You can do this - it's how the test works! Remember, this is not a school test and the goal is not to get everything right!
My plan is to work on concentration and keep 'the manager inside' awake all the time and become ruthless in cutting off after 1 or 1.5 min in case my manager says, "I still need time to understand". Yes, I can.
Yes you can! If, around the one minute mark, you still don't understand the question (Q or V), you don't have a plan to solve (Q), you don't understand the argument (CR), you haven't found the relevant text in the passage (RC), or you haven't already eliminated at least two answers (SC), you're done with that question!
I'm not quite sure what you mean by "there will be no timer in GMAT like one we have in GMAT PREP." Both the real GMAT and GMATPrep show an on-screen timer that counts down for the amount of time allotted for that section - the way they show time is identical. Did I misunderstand what you're saying there?
Take a look at this for methods re: tracking your time during the test:
http://www.manhattanprep.com/gmat/blog/ ... tch-paper/