I went to a SCCA drivers school in the early 90's and competed in a few races locally here in Orlando, FL at a local club at the Martin/Merrietta plant in their back parking lot. There are several guys on here that race presently and are more qualified than I. But I will give you my limited experience.
This club has slightly different classes than SCCA and I raced in their F Production class. I'm not completely sure but I think the "B" would fall in G Production in SCCA.
The production classes are where you want to be if you don't want to go into it full race. In other words drive your car to the track keeping it street legal and race then drive it home. For the production class you mainly make the car handle better and you have very limited things you can do to the engine. Martin allows you go go oversize in the bore no more than .020 " and they allowed me to run the factory high compression pistons. They do not allow any changes to carburation or cams etc. If you go there with any of that type of modifications, they will put you in the race class and you WILL NOT win.
The mods I made to the car were lower profile and wider tires. 7/8" anti sway bar on the front and 3/4" sway bar on the back. I used the stock shocks making sure they were topped off with oil and went racing. They even noticed that I had my vacuum advance disconnected but let it go when I said it was broken. I also have a distributor that has an advance curve that allows full timing at around 2500 RPM that makes a definite difference over the stock curve. This curve was in the '75 distributor replacement the PO (previous owner)did before I bought it. My car is a '72.
I won the last race I was in and against a couple of GT 6's, a TR7, another "B", a Nissan Z300zx, so yes, the "B" can be as competitive as you want to be depending how much time, effort and money you want to put in it.
Bob