I like the idea, I'd probably want to try it myself!I have thought a lot about an alternative race set up for Formula 1. With the red bull air show in mind. I don't mind that they call it a race but the Red Bull show is like drifting to me. You take a vehicle around a set of points in a controlled manner so speed isn't necessarily the goal. Still very fun to watch.
My idea is more like autocross in particular pro solo. Two mirror image courses where two planes can go head to head around pylons in opposite directions. This would allow the spectators to see who won immediately. The course could then include turns in both directions and ideally a turn around point that would allow for a vertical element. The last part of my plan is that this should be a course that 90% of the pilots flying F1 could do. No knife edge gates and 10g pulls and definetly no inverted stuff.
At reno they have T-6 head to head racing and it's fun to watch, but they still have to clear each other in and the course forces one to the outside. A dual with opposing courses would be too big for T-6s but for F1 it could fit in their area.
The final turns would be a bit dicey, two low or mid wing aircraft moving closer to each other while banked away from each other. Neither pilot will be able to see the other plane, if one goes wide in the last turn, it could be disastrous. Course design may be able to fix it with a long straight then a shallow angle final turn. Separation of the courses by a large distance would also help, but that would be way more confusing for the spectators, as anyone not directly on the finish line would have a large parallax angle.