Wow thank you guys so much for your speedy replies! I really appreciate it.
KMC, your thought about managing people in an intimate setting is so spot-on. I hadn't thought about it that way, probably since my first ASM gig was me getting thrown in as a last-minute addition to the SM team of Bloody Bloody Andrew Jackson. I think that established "flashy musical with guns and blood FX and intricate fly system work" as my baseline for the type of shows I should be seeking out, and you're so right about developing my skill set on a smaller, lower-stakes scale.
SMAshlee, it is a space I've ASMed in before - the theatre festival actually takes place at my university's theater - and that's actually part of my trepidation in taking the gig. But you're definitely right about about checking in with the scene shop to see if they could use some help - I know the scene shop hours skew toward the morning whereas rehearsal hours are more afternoon/evening, so maybe it could work out. That's the one part of SMing that scares me a bit - I'm enamored with paperwork, hyper-organized, and really good with people, but my shop skills are completely nonexistent. I can sew on a button and mend a seam rip, but if a light breaks, I'm completely useless.
All in all, I think I'm going to take the job. My production management professor thinks I should hold out for the internships, but if I did this show, I could take a media studies class at my university during the first month of the summer before the gig. I'm applying to an interdisciplinary major program in Arts Administration next fall, and need to bulk up the media studies part of my transcript, so I think that would be a great opportunity to do it. And it would be nice to have some paid summer work now so that when I really try to get an internship next summer, I can worry a little less about paid vs. unpaid.
Again, thanks so much for your responses. I'm still very new to all of this, so whenever I see posts like "yeah I casually interned at Arena and Second Stage and Wicked and MTC" from undergrads/grads, I freak out a little bit and feel like I'm way too behind to ever "catch up," so to speak.