Offered a chance to lead a high-profile project, BUT I'm already drowning in work. Is it career suicide to say no, or a chance to set boundaries?

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Say yes and figure it out later.

Agree. Just say "yes" but be very sure about and in charge of your priorities and the order that you work in. If you can share that and agree with your boss, even if they are not totally clear with their comments (if any) - at least you've done your part. For others you can mention your priorities briefly to make sure you set expectations - so that would be a "yes", but in some priority of order and time. Be sure to make all you commitments. After that, put in as much effort as you can that also maintains a reasonable work-life balance for you. Try to work fast and make sure you showcase responsiveness and speed, especially to those that can control your fate. If you do the above - you've done everything you can.

You can NEVER have “too much work”!!!!!!
You grow from it! Hire people.

Say yes but drop some of the other less important stuff from your plate (with your manager’s approval)

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