Is an extremely high GMAT enough to offset a mediocre engineering GPA?

I took the GMAT some time ago and scored a 780 (Q49,V48). My GPA is ~3.3 from a decent-ish school (top 50) somewhat known for engineering. I was wondering if the 780 would be enough to offset my GPA, or if I should consider an alternative transcript. I've been considering a part-time masters anyway since my company would pay the entire cost. I should also mention that I have plenty of time until I would apply for B-school since I graduated last year and I'm planning on working for 4-5 years. I should have plenty of time to do the masters while also focusing on work and ECs. I was also wondering if it would be beneficial to do a masters at a school that I might apply to for B-school. I'm in NYC, so I'm thinking of masters programs at Columbia or NYU. If it's not really worth it to do a masters, I might just take the 5-10 a week I would have spent at school and do some part-time GMAT tutoring since I hear it's pretty good cash if you're in the 99 percentile.