I do think it is important for Michelle to compete at Skate America and Cup of China and do everything she can to win. Michelle has to position herself to be at the front of the line when protocol judging starts giving out favors in Torino.
Judges are only human. When a skater can step onto the ice saying "Listen up, judges, I am the best skater you ever saw," that has to give them a nudge toward generously rewarding her strengths and forgiving her weaknesses. In the last two years Michelle has put herself in jeopardy of losing this advantage (right now it's in Irina's court).
The best thing for Michelle's Olympic chances is to "do an Irina" -- blitz the GP, winning everything in sight.
I think the worst thing she could do is come to Skate America (or even to the Campbell's event) with a half-baked program and try to play catch-up.
Mathman