Should I go for the Olympic Distance?

I just swam 1500m for the first time (in a pool).  I finished in about 46min, but caught my breath for a couple seconds at the wall each time and had some swim cap issues (it came right off once, so I had to stop and put it on while treading water).  I was taking it pretty easy since I had never gone that far, so I know I have more in me, but the Olympic distance I'm considering (2 weeks and 3 days away) had a slowest swim time of 35min last year and the year before. 

On the bike, I should be able to keep up a 28-30km/hr pace, and my best 10km run is around 49min. 

I competed in the Sprint Distance last year and loved it, but I feel like I need to push myself harder this year (the plan is to go for HIM next summer).  I know that I would love the experience, but would I love coming in last place?   There are usually only 2 or 3 in my AG (M2029) at this Tri, so I will almost definitely be last in my AG (they are usually in the mid-2hr range).  

Thoughts?