OK, let me start by saying I'm not bashing the OP's bike. It's a solid, entry-level ride.
That said,
race wheels? As in multi-thousand dollar carbon aero wheelsets on a bike with a $660 MSRP? I think we're getting silly here.
Looking at the
bike itself, we could probably see a couple places for improvement:
- It's got a 50/34 crank with a 12-25, 8 speed cassette. Perhaps gearing would help a bit if the OP is spinning out the higher gears on the flats. If the rider isn't, then we can skip that step and focus on the engine.
- The geometry is fairly relaxed, which explains why the OP feels most comfortable on the drops, so I would venture a guess that most clip-on aerobars would sit up pretty high. Still, I think I aerobars would be a way to "buy" time. A lower-level set of clip-ons (with decent arm pads) and a lot of practice riding on them would be all that you would need.
- The wheels are probably sufficient, unless they're breaking spokes or constantly out of true. You're not going to get a really aero wheel (50mm or more) unless you spend more than the bike cost. You could get a lighter, stronger, more aero wheelset from a company like Neuvation for around $250, but I doubt you would see much of a time improvement there. Bang for your buck, it just doesn't add up unless the wheels just aren't cutting it strength-wise.
The TT helmet would likely buy you some time, if you were maintaining an aero position with your back "flat" (this position varies from person to person, even among pros) and head up for the duration of the race. 40K is a good chunk of road to be maintaining that position for most people, and it requires practice and good conditioning.
Clipless pedals are something I consider a must-have. True road pedals like the
Look KeO or
Shimano SPD-SL provide the best transfer of power, but can be ungainly for walking. For commuting, I use a mountain bike shoe and
Shimano SPD road pedal, which is easier to get out of and walk around in, and the shoes are generally more comfortable. I lose a bit in power transfer, but it is still vastly superior to flat pedals or toe clips.
All of this will
buy speed, but the best upgrades you can make are to the engine- specifically the muscles that are unique to cycling. There are countless books and videos out there with training programs to help you increase your performance. Find one you can follow and stick with it. Mix up the terrain when you can, and don't neglect the hills. They pay big dividends in the long run. Ride a lot.