Ours is surprisingly fast
We don't race, but I think you should have no problem sailing to the rating. Two anecdotes:
1) Shortly after we bought the boat we were tacking back up San Diego bay just behind a Hunter 38. (Fat, ugly one with a "roll bar.") Wind was probably 6-10 knots and a bit fluky. My wife, Karen, was driving and I was mostly involved in a conversation with a friend, but after four (long) tacks or so darned if we didn't catch up and pass the Hunter. He looked as surprised as I was.
2) A few weeks later we were returning to San Diego from a short day sail out of the harbor. Coming back into the harbor we were broad reaching in about 5-6 knots of wind--just ghosting along at 4 kts. or so. There was a Catalina 270 sailing right with us, first in front and then behind as we passed. They would give us 6 seconds a mile--192 vs. 198.
Our boat has a clean bottom, the normal rig and mediocre sails. While we were working on the rig this summer, we sailed several times under 130% roller furler alone and were able to sail at 5.5 to 6 kts. (GPS speed) with 10-12 kts. of wind (Kestrel 2000).
We are fighting a weather helm problem, once the wind gets above 12 knots or so, the boat wants to round up very strongly. I think I need to have the main recut as it seems to be too long on the foot. It was probably made for a different boat and the P.O. got it used. The E-29 also has a pretty small rudder which doesn't help.
We do like the boat. Karen wishes that it was a lot less tender, heeling bothers her. Be aware that these are old boats and unless you get one that has been recently restored, you'll probably find lots of updating that needs to be done. I know my list is long.