It'll cost you nothing to try and might be the cheapest option. Your funds aren't at risk.
Thanks my concern here is that I could end up double spending?
Once done and it works
Do you control any of the receiving addresses (eg a change address) ? As you could spend the funds sent to that address at a higher rate but if electrum has already forgotten about the transaction it might be harder it set up (unless electrum says "+x btc unconfirmed".
How do I know whether I control a receiving address?
Also, what do you mean by "you could spend the funds sent to that address at a higher rate"?
Thanks!