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!