COuld you ask to see a second consultant, just to talk over the options? I take Whenismydayoff's point about induction potentially increasing distress, so you might want to specifically ask about that....
BUT induction is not all terrible and neither are epidurals. I was induced with DD at 42 weeks, and it was not brilliant (it took a long, long time - she was clearly very overdue with wrinkly skin and long nails and the works, but obviously not wanting to come out!). She was delivered in the end with ventouse and I had a small stitch.
On epidurals: there is a huge, huge cultural difference about the way epidurals are treated here vs the way they are understood in other countries. In Canada, where I'm from, epidurals are the first line of pain relief in labour. My doctor friends are completely shocked that women are offered pethidine at all in labour because it crosses the placenta very easily. My MW, who is German and pro-epidural, as they are also common in Germany, says that the the MW led system here discourages epidurals becuase MWs can't administer them and doctors are more likely to be necessary in an epidural birth. But epidurals are much more normal in other contexts and lots of women have very positive experiences with them. PErsonally, now I've had one, I can't imagine not having one! I thought it was brilliant.
That said, my epidural was very light - I insisted on being able to feel - so I could push and had no problems. I could even stand up very shortly after delivery. IN my case ventouse was because of fetal distress (they had to get the baby out fast).
I suspect you are getting offered the epidural because they have a tendency to slow down labours, which in your case sounds like a good thing.
REmember that all the evidence, medical and anecdotal, about both induction and epidural is complicated. This is because it's hard to separate the reason why an epidural/induction was necessary (ie, it is more likely to be a difficult situation from the get-go if these are on offer) from the effects of having the epidural or being induced. So don't get too panicky about it if this is what your medical team advise and after lots of discussion you decide you agree.
In a perfect world, I would not choose to be induced, but for me, the goal of pregnancy and delivery is a healthy baby and if induction gives me the best chance of that I'd do it again.