On A Journey to Publication or Rejection?

I'm staring at my computer when an email pops up. It's not just any ordinary email, it's from a publisher who was doing a second reading on my at one time semi-biographical, now not-so-much story about my parents growing up in the Smoky Mountains. I began this story back in 2000 and oh! the twists and turns it has taken.
This latest challenge? A complete re-write. BUT she thinks it has merit. She even went so far as to compare my story to a well-know historical fiction that is so well-written, it blew my socks off. I was elated. I was high-stepping. I had HOPE!
Then reality set in. Another re-write? I can't possibly do another re-write.  What if I fail ? All that work! I don't have the (insert word here) time, energy, words, muster...
After much self pity, I took that first feeble step. I re-wrote the hook. Every story needs a hook--those opening comments that grab you at the get-go and forces you to turn the page. After many attempts, my hook still isn't perfect,  but it's getting there. Whoever said writing is easy, doesn't write. Tell me again why am I doing this????