I plan on making a video to Me+My's So many men to.....Fushigi Yuugi ^_^ someday even though there is a version of it already. It'll be mine...I never worried if someone would think I was trying to compete or ride on someone's heels. It would be my video and just fun to make and hopefully for other people to watch.
I used to think it was disrespectful to want to make an amv to a video someone else had used before me. And there are still some I wouldn't touch because I tend to associate that song with their version. But my reasons changed. I just made an amv to a song I found by watching other amvs. It's not 'competing' with theirs, it's my own version and very different from the other one I saw (to Ronin Warriors) but to be safe, I didn't watch the others listed on the org until I had mine done
From what I have seen, no one has
ever been attacked for using a song someone else had done. Stolen clips, yes. Whole DDR idea raised a bit of a fuss but like someone else said, lots of butterfly videos exist and no one has ever said a bad thing about them just because of the song selection and it's popularity.
But I guess you already decided and won't be putting up on the interweb anyway, so I miss why this is even an issue to you in making it....