Hi! I’m an incoming Junior and considering whether to take the PSAT in October or just use all my time to study for the SAT I’m planning to take in October. I scored 157 the first time 
with no prep save for the practice test I did the night prior. My states cutoff score is 211 so I would be looking for a 54 point increase to qualify for the National Merit.
I just wanted an outside opinion on whether the time commitment would be worth it, especially since I can’t just study for the PSAT by studying for the SAT since its the new version. And the benefit of having an “SAT” experience and projected score doesn’t really apply here. Thanks!
You’re right that you are unlikely to raise your score by that much in one year–unless you were sick or had some serious problem during the test that lowered your score the first time. However, if you are prepping for the (old) SAT this summer, the time you spend on that will still help you on the new PSAT–even though the test has changed. So don’t sweat it, but maybe you should still take that one official practice test to get familiar with the new PSAT (NOT the night before!–do it the week before so you have time to review your mistakes), take the PSAT and see what happens. If even the thought of that stresses you out, then just forget about the PSAT altogether.
Yes, take the PSAT.
If you’re studying for the SAT, then that studying will help with the PSAT.
When my son made NMF, one of his fellow students who also made it, increased his score by over 50 points…so it is possible.