oh, forgot to mention - as with any surgery, there is always a risk of infection.. but i would bet that you would be fine afterwards. look into probiotics, and load up. also, if you are truly concerned, ask for an antibiotic prescription to begin taking a couple of days before the procedure, and after.
then later, you can make sure you aren't fighting infection by going and having a blood panel done to check on the status of your white blood cells.
i had a root cana re-do, and it helped tremendously. long story short: a previous dentist did a half-a job, leaving infection to brew for two years until i had another dentist finally tell me why i was having chronic pain in my jaw and left ear, and sinus troubles.
after the second surgery, i cannot say the symptoms magically disappeared, but have greatly improved. i am 10 months out from the surgery, and would say i have healed 80%, with the occasional flareup..
if you are willing to stick it out for however long it takes your body to heal itself - i would recommend going for it.. i had an ENT tell me that it could take up to three years for a total recovery.
if you want a quicker fix, have it extracted.. but make sure you are completely at peace with having a missing tooth - lucky for you, it is in the back and would most likey never even be noticed ;)
If the tooth is salvable, redo root canal or apicoectomy is advised. However, , if you insist on extraction, there would be nothing to concern,post-op complication is generally minimal and wound heals uneventfully.