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I would say it depends on how well you can take defeat and whether you deal well with disapointments.
Be prepared to get submitted real fast.
If youre the sort of guy who can take positives from even the worst outcomes then go for it.
But if you have a real competitive streek in you then you might want to think about how you will deal with what could very well be a quick loss. Will you over analyse it? Will it play on your mind every time you turn up to training for the next week?
Also is it a lose and youre out deal or can you lose and get more matches in this tournament? Definitely something to find out if you dont already know.
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I've only been actually practicing 10th Planet for 3 weeks and I'm competing June 25th. Granted I've studied the system for over 2 years and I've had a year of gracie jiu jitsu about 4 years ago. But yes, if you're preparing properly, 3 months is plenty!
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The only way to know how tourneys are and play out is to enter tourneys. Then you tell others to just do it. When matches start, stay warm.