Should I apply for an promotion that I am not sure I want?

The manager of an adjacent group in my department is moving on to another job. Her position just got posted and I am thinking about applying to it. I've been building my resume so that I could have the option of moving into management. This position would be on the shortlist of ones that I could pick. I think I would be on the shortlist of people selected, but I certainly wouldn't be a lock. I am hesitant for a few reasons:

1. I like my current job a lot, the work and the hours. I work 40 hours a week give or take a few, but its pretty reliable. I don't have to come in on weekends, I don't usually stay late. A management job would entail 10+ extra hours a week including weekends. This is tough because my wife works weekends and I watch the kids then.

2. Its not the ideal management position. The people that I would be in charge of are technicians while I have an engineering background. I work with them as peers, but I find it difficult to sift thought the nonsense they feed me sometimes. I also have a real hard time motivating them. However, I am a co-worker now and not a supervisor. It is also a high visibility with a lot of compliance requirements. This means there are a lot of regulatory hurtles and a lot of people watching for me to screw up.

3. The manager is a little tough to work with. I like him well enough as someone above me in station, but not in my management chain. He can be blunt and excitable. He is well respected in the company.

4. I'm not sure that I am ready in my career. I don't think you ever feel ready though or at least if I did wait until I was ready it will be much longer than it should take. I know that I have to step outside my comfort zone to grow.

5. I think my boss will move on in the next 2-3 years. His position would be ideal. I certainly wouldn't be a lock for that position either, but I think I would be in a better place then.

The benefits:

1. Substantial increase in pay...eventually. The mid point for the grade is about 50% higher than my current grade. I wouldn't get a huge raise right away, but I would get very good raises over the next few years. I would be 6 figures within 3 years which would be a 40% raise.

2. I would be advancing my career and it would look really good on my resume.

3. I wouldn't have to deal with whatever other bonehead they hire.

I'm looking for advice. Do you take a leap on a job you are very uncertain about when to advance your career? Should I apply and get that word out there when I am unsure if I would even accept (I feel like this is bad form)?