Thanks pocomo, It's a moot point now - while I was looking up whether or not I was allowed to change the auction format and trying to figure out how to do it, someone else bid on the item. It's good to know for the future though that I'm allowed to if I want.
I did research the item, and I have it priced low. I would have doubled the price for BIN, and even then it's low, but I figure because I am a new seller I'm going to have to take a bit of a loss in order to get a bit of a following. I'm definitely not giving things away though.
Thanks again for the reply. This really is quite a good forum. You regulars have been very helpful and I certainly appreciate it. Thanks