You don't have to do 34K, you could do $5000. Then park money from checking or savings there. The HELOC will float but you'll effectively save 5% interest on the amount you move in. It won't add up to a lot, but it also won't take much time to do. I use to transfer money on coffee breaks, I probably saved a couple hundred a year for at least 5 years when my mortgage was at 5% (In Canada we have mortgage term lengths, after 5 years I renewed my mortgage). Also you could "park" your entire EF there, an equally valid option.
The important part is to not think of this as an all or nothing scenario. Do what's right for your comfort level.