Joe,

Go to that first contest and fly. The first contest I went to last year, I simply watched, and I did learn a lot, but I should have flown in it. There is nothing to lose (unless you can't safely fly the plane). I had an UltraStick 40 at the time and was all over the place on my first contest, but ended up getting 3rd in that one (out of 5). You won't regret flying in it and you will learn so much more than by simply watching.