Maydays are very useful. I wouldn't be scared to use one.
I've had two engine failures (fortunately in the overhead) . As soon as I declared the mayday all other traffic disappeared, I got to choose my approach without the worry of fitting into traffic and the fire truck is there to give you a lift home.
If you need help ask for it. No controller will ever get upset if you call a mayday then need to cancel it.
Where it fits in the priorities at 1500' is a matter of circumstance.