Honestly, with that GPA, I would go for the option that doesn't put any more holes in your ship. This means taking the W, having a good explanation for it, etc. Hopefully you do not have a ton of Ws.
Of course, if you're going to go poor with the Fin Aid, that is something to consider. Additionally, I wasn't aware that schools still allow a student to withdraw from a course this late in the semester, and receive only a "W", instead of an "F". Maybe make sure that you indeed will only receive a "W".