The seven-year-old has been allotted 10st 13lb in the prestigious handicap hurdle after his victory in the Gerry Feilden Hurdle at Newbury last month.
"Ifandbutwhynot has come out of the Gerry Feilden well and is a possible runner in The Ladbroke," said O'Meara. "We have contemplated going chasing with him, but obviously he won nicely over hurdles the last day. I still need to speak to the owners but there is every possibility that he could go to Ascot.
"He got the run of the race at Newbury but it was a good performance. He quickened up nicely from two out and beat some well-regarded horses."
Ifandbutwhynot is a 14-1 chance with Ladbrokes. Heading the weights on 11st 12lb is Jeremy Scott's Elite Hurdle scorer Melodic Rendezvous, who disappointed in the Fighting Fifth on his latest start.
Ascot is one of three possible targets for Ptig Zig. The Paul Nicholls-trained four-year-old has been given 11st 11lb and is fresh from a Grade One triumph at Auteuil last month.
Ptit Zig holds an entry in the Osborne House Relkeel Hurdle at Cheltenham on Saturday.
"I think the ground might be a little quick for him on Saturday. He did a bit of schooling today and is working tomorrow when there will be a decision," said co-owner Barry Fulton.
"The options at the moment are Saturday at Cheltenham, possibly the Ladbroke at Ascot the following Saturday or Cheltenham on New Year's Day. I'm not sure, but he went very well this morning."