Former collegiate lady lead here. I led all styles and didn't have to worry about changing, so I had some fun with it. :)

I'd say try not to upstage your follow -- less-bold colors, less sequins, less stones than them -- but otherwise wear whatever you're comfortable in and just have fun. If you're leading Latin and you prefer a skirt, I think a black practice skirt (either short or long) or a simple black fringe skirt (probably short) could be good. Personally, I preferred pants, and eventually got myself a pair of salsa pants like these for Latin. They were very fun and coordinated with my partner's dress, which also had fringe. Black yoga pants or leggings could also work if that's something you'd be comfortable with.

Good luck at the competition!