Plinking fine, but I'd say no as a target pistol. If your club is a serious target club I've no doubt you will be steered towards a more suitable pistol, one that would be allowed in competition. If not, crack on.
If you want to do proper target AP at 10m and or 20yard I'd get a target pistol.
Can't comment on rapid fire comps tho as I don't do it. Wouldn't have thought Co2 would be great for that either to be honest.
Steyr Challenge HFT - HW97K - BSA Mercury Challenger - Anschutz 9015 One - AA Pro Target - AA Pro Elite - ASI Paratrooper (R) - Walther LP500