For me, single appearance + guaranteed = Wheel of Fortune, Toss-Up era. It is a rare day when I don't get at least two of the Toss-Ups before a player does, and that would give me a better chance of starting two rounds. Yeah, there are Bankrupts, but IMO, as long as I can get two or three spins in, my chances of hitting one are going to drop severely. "I was six wedges away from it on my last spin, and I'm three away this spin. Time to spin it a little harder/softer!"
My answer is based on the wording of the question, though. I'd much rather be on Jeopardy! than Wheel in the "real world'. But I wouldn't want to be on J! if I hadn't proven I belonged there, whereas the Wheel audition process is more of a speedbump to weed out the non-perky crossword types.