I think the would likely put you to 1P challenge but you status would only be good till early 2011, i.e. the elite year of 2010, if you complete the challenge. To qualify for 1P for the whole year of 2011 you have to get 50K EQM.
So maybe it makes more sense to stay on AS this year, get gold and status match to 1P next year and then have a whole year to earn my 50k EQM