The way I see it as long as you pass Part 1, you are placing a good bet on Part 2. All you have to lose is the exam fee.
When yo say pass rate of 5% I assume that is to pass both exams. How many who take both pass Part 1 and not Part 2?
Exactly, that's what I'm thinking as well - and the level 1 is in the morning as far as I know so there should be no negative impact of "being worn out" at least for level 1 as a result of the 8 hour exam day. As for the pass rate, I don't know, I read it somewhere, cannot recall where. Very well possible that a lot of those 5% still pass the level 1. I'm also thinking that this number will be quite unrepresentative of my actual chances of doing it, as many people trying both levels the same day might be people who think "this is a piece of cake" and actually try to take the exams with maybe only a few months of prep (whereas I started prepping in January and am solely doing this because the exam was moved)