I prefer to share the starting line with different make boats. Racing against dissimilar boats is an excellent way to figure out the strengths and weaknesses of each design.

Party? Heck, get some local bands, a volleyball net, and post flyers all over the local colleges about a beach party that happens to have some sailboats racing nearby I'm a decent crew but a rather poor skipper, so when I go racing I'm just there for the people anyhow. I'm lucky to get around the bouys in the right order