Scotland are basking in the afterglow of beating two-time champions the West Indies at Hobart and a win over Ireland on Wednesday will all but guarantee their progress from their first-round group.
If Scotland miss out on top spot, the consolation in being runners-up is they would go into England's Super 12s group and a battle of Britain would take place on October 26 at the 100,000-capacity MCG.
Watt said with a smile: "I'd love that. I didn't know that was the case, so yeah, I'll take second now."
Scotland shocked many by clearing the first hurdle last year, overcoming Bangladesh, Papua New Guinea and Oman, but they lost every game at the Super 12s stage and Watt is keen to correct the record.
"I'd love to be able to replicate what we did last year and get through to the proper group stages," he said.
"We've got unfinished business at this tournament. We know last year we didn't play our best game at all. We've still not done that.
"Even though we've just beaten the West Indies, we haven't played our best cricket yet, and we've got one to prove. That's kind of the main focus just now."
Watt, who took three for 12 against the Windies, admitted Scotland are still "buzzing" from a 42-run victory at a chilly Bellerive Oval in what was just their third T20 since last year's World Cup.
Ireland, by contrast, must dust themselves off quickly after starting their campaign with a 31-run defeat against Zimbabwe
All-rounder George Dockrell said: "These games come so quick. You have to try and pick up as much as you can from the loss. Obviously it's not ideal, it's not how you want to start the competition.
"We've got two games over the next four days, and it's our job to come out and give it absolutely everything, and that's what we'll be doing."
Despite initially bursting on to the scene as a talented left-arm spinner, Dockrell is only called upon sporadically to bowl in T20s for Ireland these days, instead deployed as a middle-order batter.
But the 30-year-old would be happy to turn his arm over if asked, adding: "I'll always be ready to bowl. I'll keep chipping away in training and make sure I'm ready if a chance comes."