I would definitely say start out giving breastfeeding a shot as it's easy to switch to formula if you decide it's not for you, and it's much harder to switch to breastfeeding if you've started out formula feeding.
It would be helpful for you to research newborn feeding habits before your LO is born so that you know what to expect. A lot of people stop breastfeeding because their baby is feeding all the time and they don't think they're making enough milk, but it's very normal for newborns to want to feed frequently.
You might also want to look up potential problems you might face while breastfeeding so that you know what to look for and how to deal with them if they do arise. This forum is a great resource if you read through some of the threads, I also recommend kellymom.com.
I found that breastfeeding did hurt at first but it shouldn't be unbearable. If you find that it is you could benefit from seeing a lactation consultant or nurse to make sure everything is okay with the latch or to check for tongue tie as you've already mentioned.
Once we got the hang of it I found breastfeeding to be WAY easier than making up bottles. I also just nursed my LO in public, it took some practice to figure out the most discreet method and to feel totally comfortable with it, but it sure was nice not to have to haul around bottles.