Who buildt the boat, and how hard/what level are you going to race it?
Upgrading to the sport rig is as easy as rigging the spi and the new jib (+ square top main of course).
The alu mast was used with the new rig for four years before the carbon mast passed the ballot. With care, it can take the loads. There are different stiffnesses on the different extrusions, depending on make and vintage.
Mainsails made for the alu mast will fit, the mast has not changed on that aspect. If you are going to race competitively, you might want a mainsail cut to fit your masts stiffness and crew weight.
For more details, have a look at Mike Dobbs excellent galleries:
http://www.pbase.com/d30/root&page=2To go more into details, you will need at least two new autoratchets for the spi+blocks, new jib sheeting and selftacker, bowsprit+snuffer and the sails. Add a lot of blocks, some cleats and cordage and you should have the ingredients. How you should rig it depends on your personal taste and how much you want to put into it. Macca posted some excellent shots of how he rigged his Taipan 5.7, I would have looked hard at what he did on the "Super Taipan".
Also, consider joining the TornadoCat list on:
http://groups.yahoo.com/group/TornadoCat/I dont know the difference in speed between the alu mast and the "new" carbon mast, would be fun to know..