As Flagman alludes you will probably want to spend more thought on sun protection than on "warm and dry" gear
But soooo much depends on the boat
You mention racing, if you'll be sitting out on the rail on a fast boat going to weather
, or out on the pointy end doing hanked on head
sail changes, you will want something to keep you reliably dry. Any idiot can get cold and wet, even in the Caribbean
. You are not likely to die from hypothermia, even in February, but 5 days straight of salt water
wet is not my idea of a good time.
On the other hand, on our cruising boat we spend our time in the cockpit
under the dodger
. I think I have pulled out my foulies twice in 20,000 miles.