I say do it.. If only to improve your flying.
The PIFR has quite a few components, the core one is en-route IFR with some form of radio navigation. Things like STAR departures, and approaches (NDB/VOR/GPS/ILS) are add-ons.
You'll need about 20 hours of instruction, and a lot of that is navigation and can be done in a sim, but I'd recommend doing as much actual IFR as possible during that phase (with an instructor).
Then there's the ground-based classes.