Who are you racing against? Yourself or are you trying to win the race? If it is yourself the equipment you choose doesn't really matter, just go out there and push yourself the most that you can. If you are trying to win the race, I suggest training more because the races I have been at the guy who wins usually does it professionally and you most probably will not be beating him.

I really think the biggest time difference you can make up in a tri is during the transitions. Figure a way to get those times down and you should do much better. If it were me, I would ride you steely.