Making it life like is probably the biggest hurdle. But as far as turning it back, it might be a little more involved but not implausible. I've seen other games discuss how AI or catch up is engineered, not specially just more optimized driving, but rather lowering the weight of a vehicle, or increasing grip. Perhaps they would even increase power. But all of this could be reversed to delay the reactions or inputs of the AI and give it more of a lifelike response to scenarios, and put it on par with the human competition. Then from whatever variables work, a slider could be engineered to provide X level of driving in a race, or per AI in a custom race.