You would have been fine!
I just watched the whole thing in two days and it was intense!
I would probably fuck up at taking the hard candy shape cut outs. But with the height, you would probably rise to the occasion. I had a fear of heights and I had to do a indoor rock climbing against a person that I disliked at the time. The idea of losing to him was unacceptable and so I just climbed it like a champ and he got stuck half way because at the time he had no respect for me. Of course the motivation would be money and so you would be alright in the challenge.
My point is, if you respect the challenge and the challenger, you can have the ability to overcome your fears temporary. Anyways I reverted back to my height fear but a little bit less scared than before.