Bob, I am not a racer so I'm not sure I am the best person to answer your questions. My answers are based on a lot of time sailing and as a surveyor. As far as buying a used boat having a good surveyor go over it with you before you buy it will help tremedously. You might look for one that does a lot of racing and it knowledgable along those lines. As far as options go. You can't go wrong with upgraded winches whether you are racing or cruising. Most of the racing boats I see up here in the Northeast seem to use North Sails. So that would be a place to start. You might want to talk to some of the other racers in your area to see what they are using. Most sailors are very anxious to talk about their boats and the equipment they use.As far as the seven foot draft is concerned, if you are going to use the boat strictly for racing then it is not a problem. If you intend to cruise a bit, the deep draft will limit where you can go. The same goes, obviously, for the next person that buys the boat. In some ways the deep draft may limit your prospective buyer base. I hope this helps a little bitgood luckCharlie