Entering Another Program While Awaiting Acceptance?

[nanokid]

Let me be the first to say that applying for Spring Admission in general was a horrendous idea b/c it's like trying to find a girlfriend in Antarctica (no options), but I'm in a little bit of a sticky situation right now. 

I've been communicating fairly regularly with my top choice and my status was a little iffy because they didn't know if they could fund me for the Spring (private school --> unaffordable, even for a semester). I have a strong relationship with the professor, my research interests align perfectly, and I've already been over for an informal visit. It now looks like he's found funding and, pending official acceptance by the graduate committee (which seems like a foregone conclusion but it's suspenseful for me nonetheless- it isn't 100% but damn close), I will be in and on a red eye to my new home within the next month. 

Last November, I accepted an offer close to home (w/ financial aid) to begin NEXT MONDAY and, truthfully, I could never have counted on my top choice to come through for me at the time, so I felt compelled to accept it. It goes without saying that I'll be leaving this program the moment I get the official seal of approval from my top choice. Now that the situation w/ my #1 is a little more clear, should I resign my acceptance and funding  to local U before this kicks off? Should I attend this program until my one true love comes calling- just to be sure? I also have no clue what's going to happen with tuition, but I'm guessing that should be returned soon or else I'm responsible.