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I got an ok 162 in Feb 2014 and a dismal 154 Dec.

I have one more retake and this being TLS, I think many readers would advise me to postpone everything until after the retake. But due to my circumstance, I'm already over 30 years old, I do not wish to wait until the end of this year to submit my application.

My question is, should I submit an addendum? I cant think of one particular event that could have been the cause of the drop, and I studied more for the December test then the month and a half I dedicated to February.

thanks

I would place yourself in the shoes of an admission person. If you don't write an addendum they will either ignore the lower score or make an assumption about why the score dropped (likely something like got lucky/unlucky). If you have an explanation better than that then write the addendum, otherwise I would leave it out.

One caveat though, read the application instructions (and FAQ pages) of each school you apply to and see if any request addendums for particular increases or decreases in score and write one if they request it (even if you don't have much to say). Attention to details like this is important.

I wouldn't. It would only draw further attention to it, and there's no good excuse when you had the option to cancel.

An addendum only makes sense to explain a drastic difference (either positive or negative) when there is a compelling reason for the change.

Your best bet is to study for the LSAT until you are confident that you will score well, kill your retake and at that point the vast majority of schools will only be looking at that new, highest score.