Got your email earlier.
To answer your questions, in short I think you should have a decent shot (assuming your written application was well executed) for Rounds 1 and 2, and although R3 isn't as hard as R4 for LBS, keep in mind that you will be faced with the numbers game if more admits in R1 and R2 accepted than LBS anticipated. And in a competitive year such as this (applications have spiked more than what adcoms had anticipated across the board), this very well could happen especially if the school is looking to round out its class and let's say more R1 and R2 Indian (particularly engineers) paid their LBS deposit than the adcom had anticipated.
For other Euro schools like INSEAD and IESE, you should also be competitive, assuming you put together a strong written application and you interview well.
But like any school, it helps to apply early (i.e. Rounds 1 or 2).
If you get into LBS this year, then by all means go - problem solved. If you don't get in, what I suggest is to re-take the GMAT and boost that score (obviously by improving your verbal score substantively). You don't need a 700+, but it certainly gives them less reason to ding you.
With extracurriculars, having something is better than nothing. However, what matters most is whether you have activities that have some meaning to you - if it's "busy work" or "time spent to fill up your free time", it's not going to mean a whole lot. In other words, they will only really mean something if they aren't resume builders. Just keep in mind that if it looks like a resume builder, it probably is and you're not fooling anyone. Not saying what you did are resume builders, but if you are going to address these in your essays to round out your profile, they better be bona fide activities for it to carry any serious weight.
As for managerial experience, most people in full-time programs do not have formal supervisory experience (if that's what you mean by managerial experience), so you should be fine if you don't have people reporting to you. As I mentioned in another thread, full-time programs are designed for folks who are relatively early in their careers - as such, by design most people won't have much managerial experience anyhow even if they are working in a business function such as finance, marketing, accounting, consulting and so forth (keep in mind that financial services and consulting are project-based so most people don't have formal supervisory authority anyhow other than the partners or managing directors of the firms). Although Euro schools skew older, it's still dominated by young folks in their mid- to late-20s, many having around 3 - 6 years experience.
In any b-school, the folks who have the most formal leadership experience are military veterans and the smattering of older folks coming from industry.
Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com