Somebody will optimize for the engine, somebody for the aerodynamics, somebody for the suspensions, somebody for the tires (buy them from whoever they want) etc. I guess very few will spend much on the driver.
At the beginning they'll be slower than the current cars (which are only marginally faster than the v10s of 2004) but year after year they'll improve new areas of the design and get fast again. I expect a lot of technical drama and very different solutions. It's going to be back to the 70x and 80s with today's technology and processes.