I own a 1988 P-33-2 (hull #146), and while I am very happy with the speed and pointing ability of the boat, I would place her more in the cruiser category. I only race my boat once a year in a club race, and I usually finish in the middle somewhere, not bad considering that I also single hand most of the time. There's a 10M at my marina and perhaps I should challenge that fellow to a race just to see what would happen.
I do know a woman who bought a 1986 P-33-2 and raced quite a bit in PHRF. She didn't do all that well and blamed her old sails. She got one of the better sailmakers in Annapolis to go out with her once to evaluate some racing sail options, and I heard from a mutual friend that the sailmaker told her to learn how to drive the boat first before buying some racing sails.
Not much help, I know.