Yes, you might as well. I'd say its not going to make it on its own and its chances even with help are very slim. I don't think you have anything to lose, if its alive, start making that opening larger every hour or so and see how it does. Sounds like it got in the wrong position in the shell...
If you see membrane that is hard, leathery and yellowish, I would definitely make a small hole where the bill is so your baby can breathe and put a warm, damp paper towel directly over the egg (but allowing air under it) to keep the humidity up. What I described is what you get when they dry...
Another thing... when they start to peep and to pip, leave them alone. Do not help them to hatch. They will peep and pip as much as a day before anything happens.
What happens in their hatching sequence is that they break through into the air cell to breathe (and start to peep), then they have...