This is really going to be awesome. The KEY(s) to having a competitive car, regardless of what kind of wheels and bearings you use.
1. Get it to the 5 pound limit, don't go 3.5 pounds. Use the 5 pound limit to your advantage regardless of how much lead tape or tire weights you adhere to the inside of the cover. Get it to 5 pounds so it passes tech inspection.
2. Make sure it runs straight. If you hit the sides you will slow down. If you use rubber wheels, make sure you put a cap nut as a "hubcap" so if it does hit the sides, it slides off - rubber wheels on the side will slow it down. At the starting line, all racers get to position their cars then the gate goes down. Unlike a pinewood derby track, there is no raised middle section to keep the cars in the middle. This is like a wide "hot wheels track".
As long as you have a clean run down the track you'll be VERY competitive. Skateboard wheels, inline skate wheels, etc. Just have it go straight and you'll likely be a winner or at least competitive. This is a winning car, the green one, simple design.