As long as you're shooting a midrange match (300-600 yd), you should do just fine with what you have, particularly if you can routinely shoot quarter minute groups with it at 200 yd. You'll give up a little bit in terms of velocity and wind resistance with the 22" barrel and the 168 SMK, but don't worry about that yet...just go shoot, learn something, and have fun. As XTR mentioned, don't waste your time trying the 168s at that velocity past 800 yd or so, they're probably not going to work out so well. But you'd be much better off getting your feet wet in midrange matches before trying long range (800-1000 yd) anyhow. Once you have a few matches under your belt, you'll have a much better idea of how things work and how you might improve your scores.
I think you'll find if you keep at it that eventually you'll want more barrel (28"-32" are common lengths), a bipod with a wider stance (better stability), a scope with more mag (30-50X top end is common), and probably to start thinking about reloading if you don't already. However, none of that should keep you from getting started and participating now. You can learn a lot with what you have and if you can improve your wind reading skills, likely shoot some decent scores in midrange matches. Unless there a bunch of really top level shooters (ie. it's a local match), I think you'll do ok with what you have. You can worry about the rest when you're in a better position to make informed choices if you decide at some point to upgrade your current equipment.
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