Third SAT Subject Test or Retake SAT I?

I'm planning on applying to highly selective colleges that require two SAT Subject Tests. I've already taken Math II and Chemistry, and I got 800s on both of them. However, my SAT score is below a 2200, so I am worried about my chances. If I want improve my application, should I take a third SAT Subject Test or focus on improving my SAT I scores?

Focus on improving your SAT I scores, and don't bother with another Subject Test. Colleges that require two SAT Subject Tests will only look at your two highest scores, so there's no point in taking a third test when you already have a couple of 800s under your belt.