Ya..Toledo is in our side of the bracket, so I would think they are at 6:30 right before us.
As for my answer to my question - my initial thought is that I wouldn't really "count" it. Probably because I've been conditioned to think that any win we have in the tourney will be a result of a big upset. BUT I bet the 12 seeds who win their play in game count it and think it means something. All higher seeds in the tourney count their wins and think they mean something even though they are the favorites and aren't pulling off a big upset. We shouldn't discount our win just because it would come against the hands of an equal or lesser opponent.
For the record, I feel much more confident in a 16 seed play-in win vs a SWAC or MEAC champion than I do about us winning our conference tournament.