I would say go for it.

I just started cycling last June after 4 years of not doing anything as an undergraduate. When I came to grad school this fall, I joined the university's club team. I really like having people to ride with, even though they're much faster than I am.

Just to point out some (possible) downsides: Your schedule may confict with when they're going out on rides (I have that often), so you may not get the full effect. Also, you might want to ask about the drop policy on group rides... nothing like getting left behind to dampen enthusiasm.

In all though, I would say that it's a good idea, especially if you're looking to have more motivation and riding partners. I hope it goes well for you!