Pat's truck runs very well. I've run with his truck many times. 13th at any national event IS competitive IMO. I guess I would say that though, considering I got 19th our of 89 trucks at Scheid last year, 15th the year before that out of 121 trucks, 9th two years in a row at TS out of 39 year before last and out of 69 last year, and 2nd out of 37 at Diesel Mania year before last (all of which, I consider national events) in my VP truck that I've daily driven since 2003. This is done with a simple, off the shelf 62mm charger and the same setup that I've run for the last two years with no upgrades between seasons.
Back to the actual question at hand, yes they can be competitive. Competitive does not mean winning every pull or two. With the lack of true "street trucks" left in the class, it will become even harder to be competitive, though. As far as the trans and gearing, you're fine. Depending on the track setup, suspension and chassis setup, how you drive, and various other variables will determine how well you do and what you break. I personally have never done worth a nickel in 3rd low. I have 3.54's with 305's and I have no choice but to run 2nd high if I want the chance to be up in the pack. Take it for what it's worth, but there it is.
I don't post on here a whole lot. Mainly in here reading, but it's hard not to post when there are so many non-VP truck pullers giving advice and commenting on what one will or will not do and then also recommend a setup. IMO, the main reason that VP trucks do not do so hot in general, or just go P-pump when they're not doing good, is because of lack of tuning skill and understanding of how and what mod will affect the performance of the truck. Jumping straight to a P-pump will take the tuning out of their hands for the most part, because a pump shop will take over on that end of it. I do agree that at some point, for the ultimate setup, the P-pump is the way to go, but for someone trying to daily drive a pulling truck and still have the ability to tune and de-tune on the fly, the VP is by far a better match for what this class was intended to be.
Just my $.02