Most local area mixed fleets use PHRF numbers but of course that won't get your Corsair into a big national mono regatta. There is no good handicapping system to equalize mono vs. multi hulled boats, which is why I race one-design only.
Racing against a stopwatch is crap, unless you are just adding small corrections to a fleet of very similar boats. The last time I did that, a boat I never saw finished 45 minutes behind me and won the race! How are you supposed to "cover" a boat you can't see?
The best thing you can do is continue to pass the leaners as quickly as possible, they will get tired of you laughing at them as you fly by with the hot babe spread out on the tramp, while they must feed a cast of thousands to sit on the rail and go 6 kts, sell their lead mines and get a Corsair! Soon there will be nothing but Corsairs to race, in one-design fleets of course!