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Well it's going to cause psychosis in it's own right by virtue of it's intended effects. Something to keep in mind. Though I'm unsure if you're asking about long term psychosis or psychosis as an effect of the chemical. Being 'psychotic' needs clarification.
I think with strong stimulants in general, several phenethylamine class drugs, and in some cases marijuana, there is a long term kind of psychosis that grows with habitual abuse. I haven't personally experienced this with tryptamines nor LSD, not in the long term even with semi-frequent use, but everyone is different and it might very well cause long term effects in someone else.
It might be silly to ask on the Shroomery, but have you used mushrooms before? I ask because there are many people who have not on here. If so, the experience between that and ayahuasca would be very similar, as they are both orally active forms of DMT with slight differences.
I've never been to a ceremony myself, but if it's done right I'd imagine that set and setting are all taken care of in a way that would positively direct your trip towards a sort of revelatory experience. I'd personally say you'd be fine from what little information I know given the OP, and it's probably the better way to take psychedelics if you're not experienced with them because the people guiding it would (presumably) be good at guiding your trip towards a positive direction and relieving some anxiety and (negative) delusional thinking.
I personally feel better taking psychedelics when going in with a sober mindset and I think it's key to having a good trip for me. Alcohol causes long term psychosis for me in ways that are hard to describe, my mind is slightly off for days and weeks after heavy or frequent drinking, so I tend to only drink once every few months in social settings. Marijuana causes anxiety and psychosis for me as well and I haven't smoked in several years. I'd say that if you are going to a ceremony, try to go in with a sober slate by abstaining from other drugs for a few weeks. You may find the trip to be more in tune with what you're looking for by doing so.
All said though, if there are underlying mental issues at play beyond drug induced psychosis, you may want to have those sorted out prior to taking a plunge.