Is there a reason it might not be approved? If so, you are in a different situation than the vast majority of folks here.
Even it it wasn't approved, who cares? so you have a lower with your name on it? What's the problem?
On the other hand, to Jer's point, what if it's damaged or rendered useless, and you have just wasted $200 bucks and a 6 month wait.
https://farm4.staticflickr.com/3886/...003e6508_o.png
See above, it's not just about the spelling on a lower, it's damage or loss as well.
What exactly is the Upside of submitting paperwork, waiting 6 months to a year, and spending $200, THEN doing the engraving?