anything can be raced and called GOOD, its about racing against like machines howeverr
there are way better atv's these days, so, your going to be dated on some things and under powered on others, you will need to stick to a class that you can compete in, and from there on like atv's its going to come down to driver skills and your pocket with what all you can afford to add to it to get you an edge!
NOW< if all you want to do is race and have fun, then, YUP< you can sure race it all you like against bigger and better things too!
one of the best mods you will find when racing IMO will be GOOD shocks, set up for YOU and your riding style and conditions, and LEARN, how to adjust them
Racing is a fun game, and you DON"T have to win to enjoy it, just be safe and have fun!
It's not what you ride, it's how you ride... Is say you'd be in a class to suit the cc of your machine so you wouldn't be up against 700cc + ATV's.
There is ALWAYS somebody with a better machine and ALWAYS somebody who has a better riding ability, the main thing is to stay safe and enjoy yourself, if you come back with a top 5 result or a trophy for top 3 then you've achieved what you set out to do
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as for racing, I raced off and on for about 20+ yrs, there are rules and class's as said above, and all will require different things to be able to compete in any race.
some require special safety gear some less, , best advice is, go to a few local tracks, and see what all you need to have>
Don't know how old you are or not, but there are many rules to racing.
but again, its a fun sport, good way to make good friends too