I have signed up for both NaNoWriMo and reel_torchwood . For reel_Torchwood, I'm doing The Count of Montecristo. For NaNoWriMo, an original murder mystery.
Well, from my experience last year, there are two ways to go about it: try to write something you will be happy editing/polishing later in the year, and maybe eventually publishing somewhere (which, for me, means not hitting the 50K because I edit too much as I write), or try to hit the 50K, which may somewhat dent the quality of what you are writing.
Last year I did the latter - the challenge for me was to write long, and write a lot, instead of going back and editing the whole thing every time I sat down to write. I think this year I'll try the former, so, yeah, if I hit the 30K mark, I'll be happy.