Have a ball man! I took off work for a week last iron banner and took all three characters to level 5. If you don't have a team to run with, it can be frustrating at times, but still fun. Enjoy man, enjoy!
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I didn't last time, but because my wife works 10-6 and I work 2-10, I still managed enough spare hours before work & on the weekend to get all my characters to Level 4; good enough for the armor I wanted and 2 Jolder's Hammers. I planned better this time and have about 40K in glimmer items in the vault, so if there's a need for last-day emergency cash, I'm covered.
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There is a complicated glitch, apparently, that players can use to log in before reset, stay in orbit, have a friend go to IB, then join them there and retain their previous IB Rank 5 for the new competition; letting them buy all the Rank 5 gear on day 1. The delay is to prevent anyone exploiting the glitch. I hope that means it stays open extra late the week after...