Jay,
It is an interesting dilemma that is occurring in vintage racing today. Yes, the Alpine was competitive in the day but of course the rules worked for the Alpine.
Looking back into the early to mid-60's the Alpine did have success, however, the rules were very strict and production car racing was just that "production car racing". Very limited modifications could be made. You could call it "showroom" stock. This worked as an advantage for the Alpine because the Alpine handled and braked better than its peers (MGA, TR, and Porsches). At least according to Sesslar and Carmichael... I tend to agree. However, the engine was marginal on power being near equal to its peers but then the Alpine was approximately 150lbs heavier.
So, the car would run very well at momentum tracks. Road America, Mid-Ohio, Lime Rock.
Now, after 1965 approximately, the SCCA rules started to change to allow more modifications to engine and suspension. MG and British Leyland cars continued to see performance developments - with support from the factory and dealers - the Alpine languished. You can see by 1967 VERY FEW people were racing Alpines. There was no $ for placing in races and no dealers slipping parts the racers.
(As a side note to understand the changes in performance, in 1962, Sesslar won at Lime Rock with a fast lap of 1:13.1. In the late 70's Phil Peron was able to run 1:07 second laps at Lime Rock due to slicks/engine mods now allowed - but the Spitfires were running 1:03! I don't know if Phil ran faster than 1:07, I am sure he did, but that was the fastest documented time I found -- that's a 6 second difference over a decade)
Fast forward to vintage racing today. Most British cars are capable of running 20-30% more power than their race HP in the 1960's. Everyone knows how to do this with an MG and certainly with a TR. Technology has come that far. The competitive edge the Alpine has is almost nullified by these gains.
The key thing is to remember the Alpine's advantages - braking and handling. Running with a restrictive club plays on the Alpine's advantages. 1) Handling 2) Braking. Horsepower doesn't come into play as much since radical changes aren't allowed. The narrow hard compound tires really nullify any modifications to the suspension TR's or MG's might see. This isn't to say a well developed car doesn't do well on hard compound tires but I think it evens things out.
Steve