I don't know about the competition you are talking about, but I do know a little bit of competitions.
I would say, go for it! Don't be afraid to get the last place. I know, I know, I am always afraid of that, but I do enter although I am afraid of it. It may sounds daft that I am afraid of it, as I have won some competitions, but you can never be assure 1. of your own performance THAT day. 2. of the other competitors. The day I am not afraid of my own performance, that day I will stop compete. If you think about it, somebody has to get the first place, and somebody has to get the last place that's how it is.
If you don't win and if you GET the last place, I am sure you will learn a lot from it. You will learn how you react under pressure and it WILL make you a better tech. You will get a score-sheet and from that you can pick up a lot. I will advise you to go through the score-sheet with an experienced tech who can tell you what you need to improve.
When competing you also get in contact with lots of techs. To be a nailtech can be lonesome, but at competitions you get a "buzz" and you get the feeling of being part of a community. For me, this "networking" has meant a lot.
And at last, competitions is supposed to be FUN. I am always nervous before the competition, but when doing the competition-nails I am always having fun.
OK, enough chit-chat for today...:-D
Good luck!
C.