It's a good idea, PianoGuy, but I hope you plan on learning some other TE's to play with it! In fact, it would probably be better if you played a more substantial TE by itself for your audition rather than play a piece that's less than a minute long.
I say it's a good idea, however, because the "Preludio" etude is an excellent introduction, as you can imagine, to the set and to the Lisztian style in general. It is concise yet decidedly challenging and will give you plenty to "think about" while you play--a good exposition of virtuoso technique. I can't give any specific hints for you because I haven't played it, but do go for it and plan on learning some more of the etudes! I recommend, for your audition, one of the following: "Wilde Jagd" "Appassionata" "Harmonies du Soir" or "Chasse-Neige" if you are suicidal (etude no. 12, or Chasse-Neige, will most likely be completely out of your grasp even in a year's time, and I don't mean to discourage you entirely because I could be wrong---but it is certainly the most challenging etude unless you happen to be a tremelo pro). Etudes no. 10, "Appassionata" or no. 11 "Harmonies du Soir" would both be excellent choices, though.
Sorry I can't be more help! Just thought I'd toss in a few things...