"no sandbagging" yeah, sure, right, OK.
What do you do about local yellows?
It would be a spectator event for sure. Why not have a field of 40 cars and run 20 cw and the other 20 ccw? After all, VIR is 3.2 miles in each direction.

To make it really fair why not allow any of the drivers to buy the winning car for 5 bucks if he exceeded his qualifying time?

Instead of a mad dash to the first turn it would be a mad dash for the last one.