Should I apply for this Math Master's program with tuition waiver if I'm not sure I will finish it?

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I'm currently an unclassified graduate student at a state university (just taking math courses basically) and one of the professors I've been researching for just got a grant and offered me a tuition waiver for next year. Unfortunately due to university policy I am unable to take advantage of this due to being an unclassified student. I've talked to the graduate director of the math department and he says I can still apply to the master's math program for next fall (very soon I know).

The problem is the following: I was planning on taking math courses in the fall along with applying for statistics programs (my interest is in statistics and I was hoping to apply for stats programs next fall for the 2012 year). I was planning on taking these math courses as an unclassified student and paying out of pocket. Aforementioned math courses could also count toward the math master's and I could essentially get a year of tuition and save myself money. The problem is that I would enter this master's program and leave after just one year. Is it worth it for me to do this for a tuition waiver? When I do apply for statistics programs in the fall will this potentially reflect poorly?

Some basic background information: my interest is in statistics and many of the math courses I've been taking are oriented toward getting into a good stats program (math stats, analysis etc). The courses I had planned on taking next fall include more analysis and probability theory. The university is a state university with an unranked math phd program. There is no stats or applied math program at this school and the department is overwhelmingly theoretical pure math. The professor who is offering the tuition waiver is actually not in the math department but in a closely related field (due to my background and the nature of research the math program was a likely choice).