PHRF ratings do not consider the age or your sails. Ratings are based on a boats in "race trim" with a clean bottom, and sails in raceable condition. Allowances are not made for old sails (or old boats). The variations in ratings for the E26 come about for one of three different reasons.
1. Different PHRF organizations may have different base boat ratings for the same boat. For instance in the Great Lakes, with predominately light air, "light air boats" like the E32-2 may be rated as faster than in an area with stronger winds.
2. The E26 was built in a number of different configurations. They were built with flush decks or cabin trunks, with inboard or outboard power, with fixed keels or daggerboards and with masthead or fractional rigs. These all affect the rating. For instance a boat with an inboard will generally rate 6 seconds per mile slower than one with an outboard (also depends on what type of prop you have - fixed, feathering, or folding).
3. Owners can alter the base boat configuration to try to gain a rating advantage for the type of winds or courses they sail. For instance, an E26 that races in my area takes a 3 seconds per mile penalty for having a spinnaker pole that is longer than the standard pole (the spinnaker is larger too) because he races on a lot of windward/leeward courses.
If I remember right you race on Lake Lanier. You can get information on the rating rules of the Lake Lanier Yacht Racing Association at
http://www.lakelaniersailing.com/llphrf/ Also if you go to
http://www.jyc.org/ and click on the like for "Sailing Sites" there is a section that lists the website for 15 different PHRF organizations.