$300 is a little steep for a set of cases. I sold my last set for $180 shipped. If you are tight on funds just run your 61x cases for now. It's better than nothing.
I've never used a drop nozzle and I really don't see the need for one. Just like Big Kahuna said, they are only used in the starts. If you are just getting into racing I wouldn't worry about it. Staying pinned is the key to cornering in big chop.
If you are racing a squarenose I would look into some tubbies, they will help quite a bit in the corners.
I still think cases will be your biggest improvement. According to my yamaha manual a stock 61x makes 65hp and stock 62t makes 73hp. Thats with a stock motor, if you have mods it will be an even bigger improvement. I would do cases before a flywheel, actually I don't know if I would do a flywheel at all if you are racing. A flywheel give you more snap, there is no hp gain at all. I found that I raced better with a stock flywheel as compared to a lightened flywheel. The lightened wheel is nice for freestyle, but for racing it makes you get tired quicker because your power isn't so linear. I also found that I had better control with the stock flywheel because the throttle response was more tame.
The best thing you can do for racing is practice, anyone can ride a fast ski in a straight line. Find some buoys and start doing some turns. The ski is only part of the equation.