A skin-on-frame kayak is a great way to build a very good boat for <$200. There are a couple of good books that might help you:

The Aleutian Kayak by Wolfgang Brink Wood and Canvas Kayak Building by George Putz

There is also a baidarka mailing list where the real diehards hang out.

But since you mentioned that this boat is to be raced . . . A kayak is a very seaworthy one-man boat that is reasonably fast. But boats that can carry multiple paddlers and use traditional oars can be much faster.