You asked for input on the OP so here it is:
It's missing a lot of details you'd normally find in any competitiion. Is SRF on or off? Grip reduction high or low? Tire wear on or off? Online or practice mode? Every single possible setting needs to be acknowledged and you need to make a specific for it or say it's left up to us. Otherwise you end up with guys using different settings and the times aren't comparable. SRF is the biggest obviously but tire wear settings make a difference, grip reduction can affect lap times etc. Here is an example from the current WRS TT at Suzuka:
Skid Recovery Force Aid: OFF (Those Found using this Aid will be DQ'd) - Be Careful - The Setting for This Aid is Whatever You Used Last - Be sure it's set to 'Off'
Tire Type: Racing Medium (R2's)
Other Aids (Traction Control, Active Steering, and ASM): Optional
Grip Reduction on Track Edge: Optional
Mechanical Damage: Optional
Controller Steering Sensitivity: Optional
In Event Tuning Settings: Optional (If Available)
I found this thread yesterday and read the OP then skipped to the last page and saw MikeGT3 posting which gave it immediate validity in my books as Mike is a stand up guy and he is the "Ring Master" as far as I'm concerned. But curiousity got the better of me and I read through the thread a bit this morning..
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Looks like we're beyond that which is cool, but I feel I have to say that I am not recommending any settings, you can have any settings you like for the competition, it's yours to do with as you want. I just want them spelled out so I'm not measuring myself against someone else who is running different grip and track physics than I am and I think most people would agree. I also want to know what they are because I'm not interested in running in anything with SRF as a personal preference.
I have another suggestion too. If it's going to evolve into racing online, I'd suggest qualifying on the old Nurb but racing on the 24 hour track or one of the extended tracks, to give guys a chance to sort out their positions before they get to the real Nurb. Makes for much cleaner racing and more enjoyment overall.
You have the potential for a great thing here I hope it works for you. Don't forget some love for the untuned cars and cars on comfort and harder sports tires. You get some extremely close racing at 400-450 PP on CS tires for example, where racecraft and setting up passes becomes much more important as opposed to all out speed, and gives some of us less experienced Ring guys a shot at competing.
EDIT: Thought of something else. I don't think it's necessary to ask everyone to provide a replay. Even the WRS doesn't require that, they just require that you save it in case they ask for it. What I'd suggest is that at most require the top 3 to post a replay for a short time and then go on everyone's honour, but request all drivers to save a replay at all times as they do in the WRS so you can request them as needed. If anyone is bs'ing it will sort itself out on the track in the real race and if someone is continously saying they are fast but doesn't prove it in the race, just start requesting their replays once in a while. In time this stuff will sort itself out it always does. In the Parity League I run in we qualify cars to a certain laptime/track/tire combination and have guys as much as 50pp apart on their honour, but we all end up with the same laptime and cheating has never been an issue. You can't lie once the race starts...lol.