I ran a drink station at Geelong and agree with what was said above about slowing down to get drinks. You won't believe the number of people who flew through and had drinks flying everywhere trying to grab them.
I've finished one Half IM. Learn the time cut offs, because I got the bike cut off wrong and fanged it, not leaving a lot in the tank for the run.
As for the run - that said, if you start the run, I think you stand a good chance of finishing because there's no damn way after completing the first two legs you want to pull out. I walked a fair chunk of