You bring up some good points. The boat was designed in the 80's with the latest technology at that time. The question was not should we race on sc22's? It was should be allow the 22 to run if it falls under the formula rules.
According to a world-class designer, "a new technology 22 could be built in the 300-350 lbs range maybe a few pounds less depending on the builder". Also, a market would exist by due to the series commitment to structure and organization of events. Much in the way that pro-sail made a market for the hobie 21and formula 40. Both are boats that would not have been built if not for the series.
As for around the bouys racing, it depends on:
the size of the course
the number of boats
the amount of wind
the quality of sailors
and as in real estate --- location, location, location.
Watching sailboat racing is like watching paint dry for most people. How many people went out to watch the Worrell?? Not many, most of us "watched" it online. How many people watch bouy's racing???? not many.
As for a 20ht beating a 22ht ---- each has its best format for racing. But day in day out a 22 would win just due to physics.
Steve