Based on my personal experience, if you dilute it too much, you're not going to be thrilled with the results. Yes, it will be vanilla-y, but it won't be very strong. I'd leave what you have steeping alone until you can find more vanilla beans.
My first attempt at vanilla extract was ok, but I didn't use enough beans, so it was not even up to grocery store vanilla strength. I was much happier when I made a stronger extract.
Looks like vanilla beans have really gone up in price, but you can still get them from vanillaproducts on eBay (http://stores.ebay.com/Vanilla-Products-USA). It doesn't look like they have them by the pound, right now, which I found to be the cheapest way to buy beans.
