Totally. There is a huge amount of variation in regular jersey and short combos, but if you look at any TT intro guides, the SS and helmet make the biggest difference, along with tires of course. Way more than fancy wheels. Same goes for the frame - an older aluminum 9/10 sp frame can be just as fast as the latest space age carbon Cervelo P5 or whatever.
Funny how the most cost effective stuff is also makes the biggest difference.
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"Your beauty is an aeroplane;
so high, my heart cannot bear the strain." -A.C. Jobim, Triste