I recently bought a Journeyman for commuting, gravel, and bikepacking. There are several gravel races I want to be competitive in and am hopeful the bike won’t hold me back much compared to something lighter and racier. What will be the most effective adjustments and upgrades to make? I do own a better than stock wheelset already.
Wheelset is really the only thing and you nailed it.
Possibly a power meter?
Anything else is marginal gains.