Ask HN/pg: Submit YC Summer application or to HN first?

So, we will have a...wait for it, catchy & overused acronym coming...MVP on Monday (hopefully and probably). This will be a basic version of the idea - a working alpha release, if you will.

I think this idea has what it takes for the YC summer 2012 funding program. While I understand there are many factors involved with this question...

Would YC like to see this project "privately" before I throw it to the net via HN? Or, is it a better idea for HN to validate the project (read: sending it to the top of the first page), so as to garner credit for a rarely active user (me) and the idea itself?

pros & cons / risk & reward, that I think of:

Posting on HN first:

Risks - maybe less than polished design, server overload and failure, and some fraud/piracy issues, sort of

Rewards - getting the product out there asap (which is important for this particular product space and the api we are building on), beating the competition to it (if there is any) and hopefully getting immediate traffic from the most important start up community on the net

Submitting YC application first:

Risks - YC does not like it, having someone else submit a similar product to HN and "beating" us, we have no traffic yet, not really a totally proven market yet (we are ahead of the trend), half of the team cannot code php/python and the other half that can lives in Argentina - but can move to the US for YC.

Reward: making it "perfect" before it goes live (getting advice, help, funding, etc.).

I am an adamant follower of HN and I think most people submit their project to HN first; I may have answered my own question, especially since the risk/reward of HN first seems better = more reward. What is pg and the communities take of this? Any comments are appreciated.