Would you turn it down if got offered? That's probaly the bigger decision. Would you actually say "thanks but no thanks" knowing you arent actually ready for it. I'd wager the producers would come back and tell you they'll make it look good (like they did the Brazilian guy who finished 130th....they didn't really humilate him, more of it wasn't his "day").
I would do the show but at the same time I would say, "I'm going to need a sub 11 to have a chance at qualifying and I'm likely going 11:30" I can predict my IM times within 15 minutes based on my half times leading into the race.
The women had no chance of qualifying based on her half times. You need to be doing 5 hour halfs, maybe a little under, to have a realistic chance at qualifying for Kona in the women's age group, especially 30-40. range. Even 40-49 you better be doing 5 hours because most of the top women are ex pros or ran in college. If you are well over 5 for a half or running half marathons at 1:45+ you don't have a prayer.