At the moment, Bain & Company has many requests from people who - without knowing anything about PE - want to join the PE practice (PEG).

You say that you have no clue about the PE practice. You prove this by saying that Bain may work on company valuations. It is not the case; Bain PEG is not working on valuations since it is not an investment bank or merchant bank, or M&A advisor.
Bain PEG does commercial DDs and some rare operational DDs. 

As I notice that you don't know how PE consulting works, any interviewer will do it in 30 seconds.

So, my suggestion is to steer clear of PEG and apply as a generalist. Besides, if you don't know something, don't enroll in it (this, with some level of flexibility, applies to life in general).

Hi there,

I personally think the answer is in this statement you made:

 “I don't have much clue of what it entails apart from it being the most intense of practices and I know a bit about the structure of work (DD, valuation etc). I'm not informed enough to say that I want to pursue PE as a career path post consulting”

Warren Buffet doesn't invest in things he doesn't understand. I don't think you should sign your career up for something you don't understand.

If your goal is to get wide exposure to help you figure out your career down the road, then you should go Generalist. Note that this does indeed probably lower your odds a bit, but, ultimately, if you're a strong candidate/caser it shouldn't matter.

Dear candidate,

since it is an option given and it does not sound like one of your core interests, I would tend towards advising that you apply to the generalist role instead. It will probably be easier to convey your interest throughout the interview and also it gives you the chance to try out different industries and try out working with different people and find your spike.

Best regards