If you think this will increase your chances then go for it. I am not telling you what to do just giving you information to make a decision. There will be thousands most likely on the waitlist but I could be wrong.
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A better way to spend your time "might "be selecting your current college choices and get excited about those. There is a chance people won’t hear anything about Michigan waitlist till June. You need to commit May 1st.
Good Luck.