I would go ahead and submit. if you're lucky enough to have to turn a fest down then that means more buzz on you're film being worth something. If you have a big star in your movie or lots of money (I'd say 100 thousand or higher, not a lot, but a lot to indie filmmakers) then I would be picky, but if not then I wouldn't worry about being too picky, just make sure the fest is right for your film before you spend the money to enter.
And maybe you do have a star or lots of money, don't know. I just mean by if you do your chances might be very high of being accepted and you want the right fest at the right time. But if it's unknown cast and crew and not much money, then pick the right fests, (enter the big ones first), but if you get accepted into 2, then good for you, you're film might be going places.
Mike-B
p.s. hope that makes sense, and don't mean to say w/o stars or money your movie sucks cause that's not true at all and that would take the meaning out of independent cinema.