You need to remember one thing Hoss, competing isn't all about winning, it's about having fun, getting better and just being able to go out and shoot with a bunch of great people who are more than willing to help you.
I would bet my life that you could show up with a factory stock remington in .223 and NOBODY would laugh you off the line. That's just not how it works. They would see you as a newcomer and offer you advice, and maybe even a better gun to shoot as well! I have only competed in small unsanctioned stuff at my old club, but even there everybody was out to make sure that everybody was there and having fun. If something happened and your gun wouldn't shoot or you forgot your ammo, somebody would help you out, lend you a gun or give you some ammo, whatever it took to make sure you didn't go home upset.
From my experience, this sport is full of the nicest people you will find anywhere on the face of the earth. There are exceptions, but 99% of everyone I have ever met that is involved in the sport will go out of their way to help you and want to see you do better.
I let someone borrow my rifle to shoot with one week because one of the regulars at my club had a firing pin spring issue and his gun would not set off a round. He ended up winning with my rifle, and obviously beat me with my own gun as well. No big deal, at least he didn't come out for nothing and still got to shoot.
Just go with whatever you have and have fun. You can move up and upgrade as you go. You don't need to start out with the best, as nobody ever does. We all started somewhere, and it's very likely nobody would be where they are today without the help of others.
I plan to shoot 600yd F-Open this year coming with my Savage actioned 6BR (at least it will be once I chamber the barrel

), and it has a Tasco 10-40X50 sitting on top of it. Let me tell you, that Tasco is no NightForce, but I will still do my best and compete with it. I shot 100yds with it for a year, and now I plan to see if I can shoot 600yds with it as well. If I can't hit the target, I'll upgrade. If not, it stays where it is and I use it until I need to upgrade. I'm not a world class shooter, and I don't need world class stuff either. I want to have fun, and I can do that with what I have. When I have the money to buy better, I will. Until then, you will see some crappy stuff on the firing line whenever I show up! ;D
And it's not that I'm completely broke either, as I'm not, though I am far from wealthy as well. I could have bought a NightForce or a March, but I bought a lathe and mill first so I can build my own rifles 100% in my own house instead. And trust me, that was a better choice than a scope any day. 8)
Good luck and have fun. This
is all about fun, remember that and you'll always have a good time.
Kenny