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The Peterson 34 is an older IOR design and a bit of a handful downwind in a blow. I've seen one at our club retrofitted with a cruising interior which was ok inside. Don't know how much that affected performance. To assess what might be a good PHRF rating for your area- take a look at the rating band of the fleet you want to race in, assess the prevailing conditions, and then find a boat that does well in those conditions consistently to its rating. Nationally the J-35s rate 72 and can sail to that rating in average conditions with a crew of 8-9. If the prevailing conditions are light air, a Schock 35 also rates 72 and performs consistently better than the J. The Thomas 35 rates about the same but always has had issues with headstay tension and the fractional rig. Lindy Thomas (boats namesake) converted his to a masthead rig for better all around performance. Note Lindy has had a T-35 for years which might say something. Another good boat in that rating band is an Express 37 which is faster off the wind and upwind in light air than the J-35.
The other conditions that affect your decision should be the cost of sails and how many talented crew you would need to race with. The aforementioned J-105 in PHRF trim can be a weapon. Put a 150% genoa and a 110sq mtr kite and the 105 is a different animal which can be raced with 2-3 less people than a J-35.
Good luck.
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