You can give it a go without any commitment. Just show up to a race of some description and give it a shot. You'll know pretty quick whether its something you like doing and whether you are ready or not. Who cares if you get dropped. You'll just know then that you have to train harder. Your bike is fine. Don't get hung up on it.

I would strongly suggest doing some fast-ish group rides before you race, if you are not already doing so.