2nd Chance approach
I'm playing a live tournament with a buy-in of around $50 and 200 runners tomorrow. It's in a 2nd Chance format, which means, that you start 5,000 in chips and you can make an add-on of another 5,000 chips any time you want in the first two hours or so.
For instance, if you bust out in the first two hours you get 5,000 chips at your disposal again. You can also choose to make the add-on from the start so you start with 10,000 in chips.
Now my question is, how should I approach this? What is the best possible strategy? I've been giving it some thoughts and lean towards making the add-on from the start and then I'll be extra careful to clash with other 10,000 stacks and only play the absolute top of my range against them. Very tight ABC-style. Taking somewhat of a small ball poker approach and be very pot controlish.
However, I've also thought about not making the add-on right off the bat, but instead observe the table for about half and hour and then make a stand.
But how would you approach it?