a mechanical speed control is actually more efficient then an ESC as far as main battery consumption. the ESC's true advantage is that it's use kills the need for the mechanical speed control's servo and the receiver's pack of 4 AA batteries.
that is a significant amount of weight to shed for a racing R/C car.
also, there are no moving part in an electronic speed control, so it doesn't need the constant cleaning that a mechanical speed control does.