As gamerEMdoc said, why not go for it? I agree with RainbowOtterz that reapplying is rough. Not matching is a tremendous blow, and facing a whole new interview season knowing your chances are even worse because you're a re-applicant does not feel good either. If you can make something happen now, so much the better.
If I were you, I'd start researching programs where you might have a shot with your single SLOE. Hit up friends for contacts at their programs. Email program coordinators. Let them know your situation and ask humbly and politely if they would consider you after you receive your SLOE. Consider trying to get a letter now that, while not a SLOE, could speak to your EM aptitude. Apply strategically, and don't overlook smaller community programs/Level 2 trauma centers/places that are more willing to take someone a little non-traditional. Ask the PD/APD where you are rotating if they would consider writing your letter a little early, possibly the third week, or at the very least remind them gently of your situation so they don't delay after the month is over. When your SLOE is uploaded, contact the programs you've applied to and let them know that it's now available.
You can rank TRIs as a backup plan -- I did not know this, and discovered that nearly all these spots were already gone when I found myself SOAPING. I got mixed advice on whether a surgery or medicine prelim year was better; it seems like there are more people in EM who did surgery prelims, but medicine works, too. I'm out of my depth when it comes to the issue of funding, so I'll defer to the experts on that one.
Good luck! Maybe you will match into your #1 ortho program and none of this will matter, but I think it's pretty smart to do everything you can to secure a future you see yourself enjoying.
