The competing product name will not be in my advert.
I do know that your best plan is to just do it. You don't need to ask anyone, just create the keywords and ads. They will get reviewed, although it may be a couple of days later, and if the ad is not approved, it will simply be disabled - the rest of your ads will continue to run and your account won't be penalized. Furthermore, Google will send you an email message that tells why the ad was not approved so you can make (minor) changes and resubmit it.