i had the exact same thoughts! i was gona post earlier but got too lazy to work out how similar to f1 it would be, comparing gap after 15 mins of an f1 race.
It's the air racing we do (well... used to do :) ) on the readiness server. Give it a try... You ll have a blast when all competitors will try to do a touch and go at the same time http://www.185th.co.uk/forum/topic.asp?TOPIC_ID=3686