But are we talking about a time trial or a road race? Technically, unless you need the pockets in the back, it might make sense to wear a skin suit in a road race, especially a short one where you might get only one chance to break from the pack and go for it. In that instance (much like Tyler Hamilton's recent break away in the TDF) any time trialing skills and other things like tight clothing, might all work together to make the difference that you need.
And truthfully, who gives a flip if you look like a dork. You're either going to win or not win. It would be a shame to not win by just a few seconds where some tighter fitting clothing might have made all the difference... only to say that you didn't wear it because you thought you'd look dumb.
But then again.... if no one in the group takes you seriously because you look dumb, that could work against you as well.
decisions... decisions....