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So I'm having a very hard time deciding what is the right thing to do right now. I have a 3.87 gpa and a 161 lsat score. My top two choices are Ucla and usc, I would be so happy at either. I have sent in the apps as of yesterday but I found out they are in hold because I signed up for the February lsat. I think I could do a bit better like 163-165 range. Is it worth it to hold and wait, even though it will be so late because they won't review my application until the feb score is in, or do I take a chance with my gpa and lsat score. I think I have pretty strong soft so worked a ton during undergrad and I think my personal statement is very good (then again everyone probably does). Please advise!!!!!!!

It's definitely worth it for them to be held and to retake.
Could you really not do better than 163-165 though? That's still below median for each.

What other schools are you applying to?

Retake for a 170+ in June and apply next cycle. A 161 is like 25 questions wrong. You can do better than that.