What probability do you assign to the Pats converting on that play? 25%? 50%? 75%?
The play was about the same distance as a 2-point conversion, and those plays hit around 45-50% of the time.
Given the Colts had more field to defend than on a 2-point conversion, I'd say the play had a slightly better chance than a two-point conversion, so somewhere around 50-60%.
With a success rate that high going for it, IMO going for it or punting is pretty much a wash.
The part that's tough is that the decision to go for it seemed to sneak up on the Pats. If they were committed to going for it on 4th, they could have run the ball on 3rd, run the clock down to the 2-minute warning, and talked over the 4th-down play without using their last timeout, plus getting an automatic booth review on a close play.