Undergraduate / (A cheating incident I was involved in) is essay topic is OK? [9]

Hi :)
I am writing my college essay right now, and I have decided to choose this topic:
Evaluate a significant experience, achievement, risk you have taken, or ethical dilemma you have faced and its impact on you.

Okay. The reason I want that topic is because I want to write about a cheating incident I was involved in. Basically, I provided answers to a take-home test to my friend partly from peer-pressure and because I was busy. I was suspended for it but it was later lifted and erased a few months after my suspension. I feel that it could potentially be a very personal essay as I have learned to say NO to many things after it, not only to incidents related to cheating, but also to other things that I just plain don't want to do (not giving in to peer pressure). I want to talk about what the suspension meant to me and the stress that I put my family into.

My question is: is this a good move? Will the admission committee look down on me because I was a cheater? Will they truly believe that I have changed? I want to say that I am in the top 5% of my school, and if by writing this, will they think that all my accomplishments were the results of cheating?

Also: since the suspension is lifted, and I am filling in "NO" on the section where it asks if I have ever been suspended what will it mean if I went ahead and wrote this essay?

Thank you

Sincerely,
Phoenix1300

:-)