I run several M&Ps in 3-Gun, USPSA and IDPA because - like you - I am immersed in the M&P ecosystem. Ergonomics are fantastic, and I have found them to be boringly reliable. Accuracy of the 1.0 was not good, so those I use in matches are fitted with Apex barrels. However, the 2.0 fixed that problem and accuracy of your pistol should be acceptable for action shooting competition.
The biggest deficiency is in the trigger. The 2.0 has an improved stock trigger, but an Apex aftermarket will still be a significant improvement. The FSS is best for competition, but will be very different from your duty/carry gun. If you want the trigger to feel like your duty/carry gun but improved, go with the DCAEK as the pull is appreciably smoother.
The stock sights are OK, but I prefer a black rear with a fiber optic front sight.
Lastly, if you have small hands you could look at adding an extended mag release to ease reloads. A magazine well is also an option.
You don't indicate which competition format you will shoot. The rules of each discipline and equipment division will determine what upgrades you can make while remaining rules-compliant. I'd suggest just shooting it stock for now and upgrade as your experience dictates.
Lastly, get yourself a good secure holster, a couple of mag pouches and a sturdy belt. Your duty rig will be OK to start, but to be competitive you will want to dispense with the retention features your issue holster likely has. There are lots of great Kydex competition holsters out there - I use BladeTech for USPSA/IDPA and Safariland for 3-Gun (GLS or ALS retention holsters).
Good luck, be safe and have fun.