Originally Posted by LEATHERNECK
If you're happy with the weight, and just want to get it absolutely dialed for racing, I would suggest stiffening up that cockpit with a ritchey WCS 4-Axis stem, and insuring your stopping power (as well as improving your taps) by swapping in some Aztec Mags 2.0 pads on your calipers... the above suggestions regarding gearing are right on as well.
If you want to get it lighter for racing, I'd suggest looking at a lighter fork, right of the bat. You can drop some weight in the bars and post as well. One fork that I always see going for cheap on eBay is the Alpha Q Sub3...
Elite's are okay training wheels, and obviously can work for racing, but I'd check out something lighter for race days if I were you. Again, eBay is a good place for these, but a which race wheels to go with is a whole other post...