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I am considering retaking the LSAT in Feb 2011, because I want to prepare well this time around. I just don't know if that is too late for this upcoming admissions cycle.
A lot of schools have their deadlines for March 1 and many will accept the Feb test score. However, the score will not be realized until March 7 (I believe), so can I still apply? Or am i too late?

you can apply, but you will be at an extreme disadvantage (particularly at schools that have rolling admissions policies). Your numbers will have to be extremely competitive and it is likely most of the scholarship money will be gone.

you can still apply but i advise you simply apply next cycle. one more year preceding a 30-40 year legal career is negligible. consider taking june 2011, then apply early next cycle.