Question: Is there any etiquette surrounding the level of play expected in an event like this?
Having played MBAA for less than three months, and really fighting games in general for probably less than six total, would it even be worth registering for the tournament? I am interested in attending, but it would be my first proper event and I have no idea about these things. Is having cannon fodder for the first rounds a good thing, or is quality valued enough over quantity that someone like myself should not waste the time needed for the matches?
I think you should come out. It's never a waste to have someone come out to an event if they genuinely want to play.
Regardless of your skill level or anything else, these events are fun and you can see a good deal of high level play if you come out. You can also talk and play with other more seasoned players and get tips and other stuff.
If you're in town and you have the funds to come out, you definitely should in my opinion!