I think you guys are over-estimating 4.5 play.
I might be wrong, but at the 3.5 / 4.0 / 4.5 levels, I don't think the "handicap" would actually be that big of a deal. I think a lot depends on style of play.
Said another way, I think a 4.5 using a wooden racquet could beat a 4.5 using a modern racquet. Merely because I don't think the skill level with the racquet and the game is enough at this level for the difference to be that pronounced.
Case in point, watch this video:
One guy with a wooden racquet. One guy without. At the 7:30 minute mark, they start playing points. These guys are very solid players. At least 4.0. Probably 4.5. And their practice rally goes for over 30 shots.
At these levels, I think it's just a matter of getting used to the feel of wooden racquet.