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LanterneNoire
Lovely frame, I had a Dawes like this but with webbed lugs, nice and stiff. I have never raced, but I enjoy thrashing my beater on laps of the parks and seeing where gains can be made (if not solely to pass crabon junkies). I offer you my experience from the past year of cycling, so take it with a pinch of salt;
My bike is 80s steel 531c with old campy parts, all on their last legs but still functioning. Best areas for spending money and getting better results are the ones you don't see. Getting a cassette and chain rings with the right ratios for laying down your specific power range is crucial imho. Then pedal/shoe combo; speedplay >> standard cleats I have found recently, made me far more confident in accelerating. If the frame is your size then I'd really recommend buying £10 saddles on ebay and getting your position perfected on hoods and drops, trying each one for a few miles. I thought my fizik was great and didn't need altering but I swapped about a bit and now ride a 90s cinelli which allows me to float like I didn't think possible. Then brake pads! Forget what callipers you have as it's just marketing, I got a set of swisstop pads for £12 and being able to brake late is a far bigger advantage than bling, could save you quite a bit over a whole race if it's winding roads. When it comes to race day put your savings into tubes and tyres, not wheels.
"Quick Ginger, we haven't a moment to lose!"