first and foremost, if you don't feel comfortable undertaking a project like this, for all of the reasons you listed, then don't. if you're going to do this, you need to jump in head first. asking if your situation is "worth" it is a value decision that would have a different answer for each individual person. if its not a good fit for you, then don't do it.

having said that, if you do go for it, make sure to set them straight. you might not need an official business plan, but you do need to at least have a road to profitability written somewhere on a napkin before you get started. it needs to be shown that it can be done. make sure the startup follows a good path and make sure that your investors/partners understand what needs to be done. introduce stability so you can maintain a stable paycheck.

and i think its been said elsewhere on YC, so i'm probably stealing the idea, but being a startup founder doesn't mean that you can expertly produce the startup from start to finish by yourself. it means that you have the knowledge and leadership required to make sure that the task gets completed. if you guys need better coders, hire some freelancers or new employees.