I don't have the V , I've got the IIIR , but it makes a difference even on a bone stock bike. The lean factory fueling makes the throttle choppy on the low end and if you've got an aftermarket exhaust , it'll need more fuel to match the increased flow , again mostly on the bottom.
It'll make run better , it won't transform the bike , it's still a twin. If you want to keep up with your buddy keep him on twisty roads without straightaways and ride a LOT. In your case , spend the money on gas , THAT will make you faster.
Ride a LOT. Become familiar with your bike. Windy road can be an equalizer but if the 1000RR guy is a good rider or better rider than you then you are going to need more time/ experience. I once chased Jeff Tigert up the hill from Pope Valley to Angwin. He was on his old SV650 race bike and me on my RC. It was all I could do to see his tail light once in awhile. So there's about 40hp advantage I had but Jeffs raced professionally and was probably just cruising. Comical really.