Take the money you would spend upgrading an old P2 and just buy a new P2. I ride an old P2 and I got tired of pouring money into an old bike.

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Definitely upgrade the P2. Top tube cable mod and brakes and bars... you'll be in great shape. The 2012 P2 has a good fork. Might try going low Q also, since you can.

The problem with buying a newer P2 is that you'd still need to upgrade brakes and bars to make it good.

EDIT: Oh and a good front wheel and cover for the rear...

Any suggestions on the low Q factor?

I’m running a 2013 P2 and have debated the cable mod and swapping out the cockpit. I just haven’t been able to convince myself to do it. The saved watts have to be fairly small, right? I understand swapping the cockpit for improved fit, but assuming a good fit the old T2 wing and profile design extensions aren’t really that bad...are they?

What’s your goal with the upgrades?

DA 7400 or 7402 cranks. 103mm square taper JIS BB. 1x. If you need 2x you'll need a wider BB.

I guestimate you're giving up a good .005m^2 CdA (50cm^2) or ~2% of your total aero drag compared to very good bars with clean able routing. Maybe a little more. No it isn't huge, but then the difference between frames isn't much either. Stuff that hits clean air at the front seems to have the biggest effect. The cable mod will be some additional improvement; at a minimum you can calculate how much cable frontal area you are removing. But even if that didn't help at all, the side entry of cables on the P2 downtube just looks wrong IMO.

I'm not running fancy bars BTW. I'm perpetually testing, and the only bar that makes changes easy is the Alpha 1, which is too pricey for me. I'm running a Syntace carbon basebar (which was crazy cheap on ebay but looks legit) and the Felt Bayonet 3 bar. That's as good as you can get for a clipon. A decent cheap basebar is the Pro aluminum.

A bit of vanity and performance!

Performance-wheels, aero helmet, aerobars etc will get you to 98% (I’m guesstimating here) of the speed of a newer bike

Vanity-get newer bike

Personally, I had a newer P2 and now I’m back to an old P2 fully maximized for aero performance-wheels, etap, Tririg one aerobar, magura brakes etc. with this set up (which will cost around $3k) I have essentially all the speed of a superbike for thousands less