Sure Thing! and you should use it to keep steady pace.
Here's a list of "standard race distances" for a triathlon: Here's a list of "non-standard variations": The standard race distance for an Olympic triathlon, for example, is: 1.5 km (0.93 mi) Swimming, 40 km (24.8 mi) Cycling, 10 km (6.2 mi) Running
The QR isn't really a road bike, its a tri bike, suitable for time trials. Coming from a mountain bike background, you'll find riding position and muscle recruitment odd at first. Its a really nice one, but might be a tad small for you (I'm 5'8" and ...