On a steel bike, given the right course, you'll be faster. Sounds silly ? Advantage of "carbon" is low weight, and, mainly due to rear triangle geometry, "responsiveness", the ability to brutally accelerate. On long climbs the carbon is an advantage, in "shorttrack" crit stuff, it's good too. Indexed shifting allows you to use the bike like a racing car, moving through the gears. Non-indexed, you need a different pedalling technique, not a constant cadence and always equal application of power.

With steel you are going to be a load faster down hill. Overtake, or take a breather. If the terrain is suited to keeping up momentum, you'll go down in history as the guy who made the world realize carbon is a marketting fad. Most people are riding carbon wunderbikes because the magazines and the sales bumph tells them they have to. Those bikes have their uses, but they aren't best suited for all races.