jeeshwa, I can understand that you feel gutted that it feels you've put a lot of work into a piece for seemingly nothing. There's nothing stopping you from finishing it off if you think it's got a strong chance of getting in the calendar.
On the otherhand, the judges will not only pick winning entries from the quality of the pic, but the overall variety of characters. Most people would rather see loads of characters that they enjoy, rather than a calendar full of Pico, Darnell and NeNe.
I remember the 2010 calendar was something similar, and looking back it was full of Tankmen , Dad 'n' me and a variety of characters. Some of these pics were brilliant. In the end, only 4 of these got through to the calendar (with jobertson on the back). The real battle in 2010 wasn't whether your pic would make it onto the calendar, but whether your groupshot of characters would be the one going into the calendar. I'd rather take 12 chances to get in, than just one.
If you are going to use the usual assortment of characters, you may be setting yourself up for disappointment unless you can do something radical and unique with them. I would rather be told 4 hours into a painting that there's a good chance that I may not be considered, rather than finishing up 8 hours in and be disappointed when my pic fails to make the cut.
Plus a lot more people would appreciate you making a GirlChan in Paradise pic; egoraptor pics tend to be neglected by artists, but there's a lot of people who love his Flashes.