IMHO, no. I would be headed for the alternate with better weather and screw the "better commercial alternate". All airports have a drastic drop in traffic flow when LVP's are declared. I would imagine with the queues building up(depending where you are), a low fuel arrival that has to jump the queue would not be a welcome addition to the ATC burden. Then we need to consider whether an Autoland is required. If this is required then it is not a good idea to commit to an airport where a single failure can remove your Autoland capability(on airbus a flaps locked will reduce you to Cat 1). Arguably you could pull off a manual landing with 500m but I certainly won't be trying it. Accidents are regularly a function of having incrementally having painted yourself into a corner for the company benefit, just go for the better weather.