A few mods and still getting beaten :(

[Brent79]

Hi boys and girls, Im gonna hava winge about my car. Here goes.
I have a 3.9L EB1 wagon with the following specs:
MPI, 5 speed, 3.08SS, pacemakers, redback sports zorst, reco ED XR head,
wade1004/110 cam, chiptorque HP4 chip, XH snork and filter.
Ud expect with these mods i would beat any old ordinary late model Magna or commodore, but alas i am not :( (and yes, i know how to drive)
Lastnight, a 2000and something magna actually beat me and today i
could just keep up with a VS! Whats going on here?
Something MUST be bad with my engine. Only problem i can find is that i
get a code 41, low o2 signal from the ecu. Any ideas?

Brent