As always... "it depends".
The amount of prep needed to compete at BRCA national level will clearly be higher than that needed for a bit of fun racing at the local club.
Persoanlly I would give it a total strip-down and rebuild, replacing any parts that are bent or worn. It will be an ideal time to clean and oil the bearings and rebuild the diff and shocks, as well as regreasing the driveshaft joints.
It's amazing how much you find wrong with a car during this process.
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