I would go if you know for sure what you want out of it and where you hope to be in four or so years when it is over. Do not go into uni just for the sake of doing it--your wallet will thank you! Trust me.
Now, things will be difficult for you without having your name or gender marker changed.
When you apply, you will need to use whatever your legal name is at the time, otherwise, at the end of the year when they send out the form for taxes for tuition--I forget what its called, 1090 maybe?--there will be a problem. Also, you will likely have to provide your SS# when applying for uni and that is of course paired with your name.
This can be difficult, as the email account set up for you will have your legal name and the school, mine at least is this way, will not let you change the name that appears on that email--and my school is super liberal and is supposed to support the lbgtq movement, so it kinda irritates me that they can't change my name in their system. You'll register for classes and then one by one have to notify every professor that "even though the name on my email and the name for uni says ____, I'd prefer to be called by _______." And then if you get stuck in a class that uses Blackboard, or online/email your peers method, you'll have to tell everyone else. I think "being stealth" is not a very realistic goal. People will know. I'm very pesstimestic though.
My recommendation here is do whatever you need to to get your name changed. Make this your number 1 priority. I know it sucks. It takes forever. Its expensive. Its a commitment. But if this is what you want then this part of the price that must be paid. If you file now, I know you can have it changed by Fall of 2013.
And then for the gender marker, you may be able to put "I prefer not to say." If not, you can try to leave it blank but you may be forced to put your legal gender--again because gender is also tied to your SS#. I don't even know how to change this yet. The laws are so confusing and vary by state. If you ever end up a student worker, you will have to put your legal gender for tax purposes. Also for scholarships and for FASFA, you will have to use both legal name and gender. If you do have a male gender, but haven't--and pry never will-- be able to register for selective service--this raises a whole new problem. You'll have to find someone other than me to help you here.
I just stumbled upon an awesome quote tonight--"Don't let you struggle form your identity"--or something like that. Don't let this stop you from achieving your life goals--which ultimately should not be "I want to be a man," or "I want to be a woman." A life goal should be much bigger than gender.
In short, I'd just get your name changed and then apply for schools. If you have already applied, change your name as soon as possible. As for the gender marker--you may just have to accept that the goverment hates gender bending people. That's what I've done. My state requires full surgery I will pry never be able to afford.
