So I should clarify my point. I think you could read some text in Greek and Latin by December. Not necessarily philosophical texts, but I'm sure you could have some reading knowledge by then. I picked up some reading knowledge of Latin in a semester, and it wasn't a big time commitment. I think what's important here is that you'll have an advantage over other candidates if you've studied some Latin and some Greek.
After a season of graduate applications, I think you need every edge you can get. I think this is particularly true when it comes to these more specialized programs (i.e. classical philosophy, HPS programs, and so on).