For the auto racing, I wouldn't try the AF-S mode the V1 will give you. Try finding an interesting frame for the cars in terms of background and focus on the point you know they will hit in the curve, etc. Then, leave the lens in MF and set the camera for the BSS mode. You will end up with 5 good shots of each press of the shutter.
thanks for that tip...I sort of planned on setting up a tripod and framing a corner or chicane and seeing what would come of it.