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If the competition requirements sound intriguing, rather than irritating, sure! Your odds of winning such a competition are probably better than they would be for something more general, since many composers who regularly enter such things will be put off by the specificity. So as long as you are writing something that interests you and that you would be happy to have in your portfolio, even if it doesn't win, why not? Sometimes having a set of restrictions can really stimulate your creativity.