What level of barrel racing do you plan to compete in?
This particular horse will probably do decent in local shows...if you train her right.
She's not very balanced body wise. She is very front heavy and I think you'll have a difficult time getting her to use her hind end properly. I like to see the butt a little heavier then the front on barrel horses. They way they stop and turn, they must know how to get down and dirty.
She's a pretty girl. I personally don't think shell ever be a 1d/2d horse, but she sure could be a lot of fun! And with barrel horses, you have to take baby steps. You can't just jump on an amazing horse when you've been out of the game for so long. It takes time to build back up.
I would do lots of long and low/long trotting to build up her booty. Lots of backing. And get her using her butt and hindquarters really well. She should tone up and build muscle with consistent work.
And what a nice husband you having...buying you horses. Lol. Lucky.