So I noticed some of the hardcore folks ranking up their birds took them to rank 40 and just bred them with some random.. I painstakingly ranked up two birds to 50 and trained them heavily... yes.. non stop racing. LOL. So gald its over. Better be a fast bird and hopefully the stats are carried over based on parentage and percentage. Fingers crossed.
<UPDATE>
So it doesn't matter how much work you put into your birds based on stats, your next bird is doing to have a fixed amount of each stat regardless of what you do. So don't bother ranking up two birds to breed. Not yet anyways... Just use one of the coverings from the Gold Saucer and pray to RNGesus. You can also have a significantly better bird than someone else and still lose to them based on RNG. (coffers, weather etc.)