Here's what I'd replace the week before the event:

1) All standing rigging (including spin pole bridles!)
2) All pins and chainplates
3) Rudder Eyebolts and gudgeons
4) any running rigging that is long in the tooth. (extra attenion to uncovered 12 strand/spectra, and any splices or eye spliced lines!)

Furthermore take a good look at the following items and make sure that they look good:
1) Hounds on the mast
2) shackles, the main shackle and the bridle shackle
3) main traveller
4) diamond wire turnbuckle
5) Rudder castings

As for "better prepared" teams. There are teams that have the newest, best maintained boat on the line, but can't put a string of successes together to win the race. Alot of the race is figuring out when you have to "pull back" and not push the boat so hard. It can lead to boat implosion at the worst time possible. That being said, always carry the following things on the boat:

1) Tool kit.
2) spare shackles, at least one of each size
3) Spare main traveller mounted on the rail already. (Lash or tape it to one side of the track)
4) Spare line.
5) Rudder gudgeons both upper and lower and the eyebolts.
6) If your name is Trey, you need to carry an extra tiller crossbar too.
7) Extra GPS.