Travel Re-Entry After Being 6 months Out of Status on a F1 Visa

Hi,
I was on a F1 visa, and graduated May 2010. I was late letting my old school know that i was transfering to another school, because i was waiting for acceptance letter. It had passed the 60 day "grace period" and i fell out of status(which was July 2010).
I was told that i could apply for reinstatement within 5 months, while im still attending my new school.
but my school advisor never told me 5 months counting since when.

So i ended up again too late to apply for reinstatement (according to my school advisor).
School advisor told me i should try travel re-entry to get new I-94, and that would be my best bet.

Question: Is that true? what are the chances if i try travel re-entry they will let me back into the US?
Anybody who has done this before?
Since when they consider me out of state? after the 60 days grace period? or after the last day of school i attended?

The DSO at your new school is the best to know about your specific situation. If you still have questions, take all your documents to an attorney. It sounds like you did not follow-up promptly. Given this, your should seek the assitance of an attorney to assist in filings. (IMO, once you fail to follow instructions because you do not understand the rules, you best seek professional assistance from someone who will do so.)