You could buy used if you do not have time to build. The Aeroworks 25% Edge is a great model for a 120 size engine. It also has a two part wing.

Again - I have seen many Hangar 9 Cap 232's compete in basic and win. The Hangar 9 Edge is also very competive. The CG Extra - while not an ARF - is another GREAT flying plane that you can pick up used for a decent price. The Dave Patrick Extra is a good arf, but not as light as advertised. Besides, by the time you are done, you are looking at close to $1500 for it - you could find a really good used 30% for that amount.

While you do not want to be too heavy, don't go to the other extreem and be too light. I have a lot of respect for Dick - his knowledge and experience is well known and appreciated, I personally feel the wing loading is a little too light. Most of your contests are flown in moderate to heavy winds it seems. Too light, and you won't penetrate well and the plane will get bounced around. This is an issue even with the bigger planes. On a windy day, a 40-42lb Carden will be rock solid, while a 34-35lb FiberClassics or Troybuilt will either bounce around OR fly incredibly fast in order to lessen the effects of the wind. Too heavy, and you get poor vertical performance and lousy flight characteristics. You see a lot of the top guys flying Feberclassics and now the Troybuilt Von Extra because they need the vertical performance for multiple snaps on the uplines. They also know how to compensate for wind. A Novice pilot does not need to worry about the vertical performance and has probably not tried to fly with percision in a 15mph crosswind.

Bottom line - don't look for something which does not exhist (i.e. a 9 lb 120 size arf with decent aerobatic qualities). Take a look are what others are flying in your class and get something similar. Then go out, burn 20 gallons of fuel and kick their butts!