Only you know for sure. :)
You didn't even give a location, so no one can really help. Irrigation and peanuts, must be south.
My biggest concern is 'free land'. That is a big red flag to me. It makes you sound very inexperienced, and suspect either the land is very poor, or it will be yanked away from you when it gets improved some.
I couldn't imagine putting irrigation on 'free' land. If you own it, have fun go for it. Get to use 'free' land, well - sometimes you get what you pay for. :) Put that amouint of money into it, and it goes away in 2 years.....
Good luck, I'm sure there is a lot more good to it.