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I just received my W&M and W&L scholarships last week. The two are oddly similar and obviously peer schools. W&L has offered me full tuition but W&M has only given 15k a year. I was wondering if I should go ahead and start negotiating this obvious gap in scholarships between 2 peer schools or wait until my cycle is complete and see if W&M is even a school I am still considering?

Wait a while. At least another week. If you get other scholly offers, you could also use those as leverage as well; W&M has been consistently outranking W&L lately anyway, so it's unclear how they'll respond.