I would "ride your ride" regardless.
If they want to judge you based on your bike or your clothes, they are shallow. Just content yourself with that knowledge.
If they want to kick your ass just for riding a 30 year old "jap rice burner" they're #$%*s.
If its daylight and they aren't at a bar (or wasted), you're probably OK.
Most often, there are no more "hard core" types on the road, especially not wearing the trendiest bike gear.
And if they are real bad-ass, they probably give 2 #$%*s about you or your iron.
If they are posers on new-age choppers, they probably secretly envy your stylish bike

If you don't feel comfortable cranking the throttle and doing a multiple pass, hang at the back of the pack until a stoplight, then scoot by them that way.
If you are good to go: pass them, steal a glance and make the wave/no wave judgement.
If they are hardcore and you wave, they'll probably laugh, and try to rememeber to tell their friends about the "fag/wuss" that waved at them today. Chances are they'll forget about you as soon as they can't see your tail-light.
Enjoy the ride.