That is a tough decision and alot of work for the second choice position.

And I'd feel the same as you do! If my chances of getting my first choice was very high, I might pass on the other.

But, my fear would be that I wouldn't get #1, so, I think that, in the end, I'd shoot for #2 as well.

I am most comfortable knowing that I did the best I could do.

But if #2 was really 4 or lower, I wouldn't do it.

Good luck with a tough decision.