Good question. Also a tough question if you want to keep the budget very strict, say a few hundred dollars. My $0.02, in approximately increasing order of cost.
(1) Make sure you shave your legs! (You might think I’m joking, and prior to a couple weeks ago I would have been. Not anymore. Free speed.)
(2) The cheapest speed comes from changing your position. I don’t know what your current setup looks like, but if you can find a bike where you have a lot of flexibility with changing the front end around, then you should be able to run some tests and get a bunch faster. Maybe someone can recommend a good cheap bar solution. I’m not up on that, but I’ll bet you can get some alloy bars for cheap that will help a lot. You’ll need flexibility to go lower, narrower, and longer, which among other things will mean that the “stack” on your bike can’t be too high or it will limit you. (Note: you do not necessarily need a “tri” bike to accomplish this. You may need to change your seatpost to get farther forward though.)
(3) Rear wheel cover = $80 new and less used
(4) Make sure you’re not on slow tires. Next time you buy new tires get something decent (lots of threads here on that topic). For races you may also want to consider latex tubes. They’re expensive, but a bit faster, and you can save them for races only if you want.
(5) Tight fitting clothing – does not necessarily have to be a skin suit. A good tight fitting current kit (e.g. Pearl Izumi Pro speed jersey/shorts) will not cost you much time from a skin suit.
(6) Front wheel. You ought to be able to find a good used option for a few hundred dollars.
This last one is the most expensive option I’m listing. If you do all these 6 things you can be almost as fast as those guys on the $10,000 bikes at very low cost.
In my opinion a power meter would be low on the list of speed/price ratio for TTs (and I love my PM) until you get really heavily into detailed aero testing, at which point it’s very useful. I also think an aero frame would be low on the list of speed/price ratio.
thank you for your help as well. I am thinking about that rear disc if I can find out more information on it. I am also considering the leg shaving thing after the whole news from specialized and their wind tunnel. I would like to find out more about the kinlin xr380 or other aluminum aero wheels too.