As a big fan of RHR in general, I'd say if anyone in the UK can it's you guys!
From an outsiders point of view, and not knowing the application requirements, are there any areas of weakness you can see if your honest?
Of those weaknesses how many are in your control and just need the right planning to avoid them being real issues?
Prior planning and preparation prevents piss poor performance and all that!
You've put on club racing, regionals I guess, nationals and BIG one off events many times, how many big things have gone wrong at those so far? I've never heard of anything, so you'd had all the practice at running meetings and dealing with the many things that can happen!
Then...being devils advocate...If any of the potential weaknesses you can see are really very difficult to overcome, then being honest with yourselves about trying to overcome them and saying no early rather than later, even if it's just this time around, will save you a lot of stress and money no doubt.
To an outsider (who also helps run clubs) it does look like you've been planning it (or at least had it in the back of your mind) from the start really...hopefully your progress and plans so far mean your in pretty good shape.
The UK weather must be the biggest challenge facing it really...and the decision about taking that risk lies with the Euro's committee I guess!
Good luck!!!