I took a look at the ride, and I see that, like the other MS 150 rides, it's over 2 days. It's also very well supported, with rest stops and help for things like flat repair.
I've done the MS 150 here in Cleveland for a couple years now, and they are a *lot* of fun. You will be with lots of riders of lots of different abilities, and it's a very festival kind of atmosphere.
If you get a flat, you will definitely be able to get help on the road for fixing it. Be sure to carry an inner tube that fits your bike, even if you aren't really good at repairs, because someone will certainly help you if you have a tube that fits. If you don't have puncture protection in your tires, or heavy duty inner tubes, talk to your local bike shop about getting those. It's cheap insurance to reduce the chances of being on the side of the road in need of repair.
Chamois Butt'r or Ride Glide will make your "bits" much happier. Take a tube with you and reapply during bathroom breaks for the most comfortable ride. Have two pairs of padded shorts so that you have clean ones to wear the second day--bacterial growth is likely to make things really uncomfortable.
If you start riding now, and ride regularly, you will be in good shape for the ride. Try to get in some longer rides now and then. You don't need to make an unsupported 75 mile ride in order to be able to complete the ride.
I have not managed to finish both days of the ride yet, due to injuries, but even getting through the first day of the ride is an accomplishment. Have fun!
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