This is a very opinionated subject. I believe that for club racing it is down to the driver and an old car (like my mardave cobra) can win with old school electrics.
You would never be competative in any high standard comp without the latest gear including batteries.
Tyres are still schumacher and yes spares are available but not as readilly as new cars so just stock up a bit better.
You could get that car close to todays speed but if thats what you want then go the extra mile and try to be infront but it will cost........
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