I had this idea of entering some amateur races with my old (but nice) 80s bike. You can see the specs and photo below. If I were to change the tires & rims to lighter ones (currently it sports 700x23 Hutchinsons), would it still be totally owned by today's carbon bikes on the road?

Centurion Master Ironman 1989
Frame: Tange Champion #1 (CR-MO double-butted steel). Forged dropouts.
Gears: Shimano 600 SL-6400 M5
Brakes: Shimano SLR.
Stem: Nitto B115 420
Pedals: "Look" brand metal clip pedals
Chainwheel: Shimano Biopace
Hubs: Shimano 600 w/ quick release
Front Rim: Araya CTL-370
Rear Rim: Mavic MA-40
Seapost: Sugino SP-K