A few years back I played Collins in one of the first amateur productions of RENT. In a couple of months another local company will be auditioning for their production.

The first time I did the show, it was an amazing experience. Should I try to recapture that feeling? (I'd really like to...)

Me as Collins:
http://www.youtube.com/watch?v=zgxsy4qPono

My feeling is that if you really want to go for it, go for it. You already have it on your side that you've played the role before, and it was in one of the first amateur productions in that area. You're a vet. They'd practically have to have you with credentials like that.

A bit of a warning, though, as much as I agree with Gibson about the credentials..

You can never recreate the feeling of a previous performance. So, if you have a deep love for the character and want to get back into THAT, I'd say do what you can to make it happen. But don't go into it expecting the same connection to the other actors and all of that. It could be the same show with the same costumes and the same set.. but you could be disappointed if you're expecting it to feel the exact same way as your older production.

But if you want in, go for it!

Collins is such a brilliant part, although very emotionally demanding, but if you feel you're making the decision for the right reasons (as bittenbythetheatrebug said, a deep love for the character) then I think it can't hurt to try.
When you work closely with a bunch of people on a heartfelt and fantastic production such, naturally, a cast are going to become close. So I understand that you regard your experience as Collins as amazing, especially as you were part of one of the first amateur performances of it. It's likely that this will be an entirely different feeling altogether, because obviously you're older and working with different people.
I would say give it a go and see what happens, and if you end up getting the role, focus upon the character, and do not dwell upon/attempt to recreate the same experience you encountered a few years back. I'm sure you will have a fantastic time, Rent being what it is. But it's not going to be indentical to before, and potentially a director may ask and demand different things of you.
I'm going to give your video a watch- I've seen quite a lot of the amateur productions on Youtube and there are some great ones!

I don't see why you shouldn't go for it. Even if you totally bomb at your audition (which I'm sure you won't) it's not like you'll never get cast in anything ever again. You have nothing to lose! =)

Probably a bit late for advice considering this thread was made a year ago.