It actually is jaycar's shift light kit.
A relay would do a terrible job of controlling RPM, it won't be able to switch on and off quick enough to regulate the RPM. If you were sitting on the rev limiter, instead of say bouncing between 8000 and 8100RPM like the power FC does, it might bounce between 8000 and 9000RPM.
It wouldn't be too hard to make something I guess. Just a frequency comparator circuit that looks at the tach output and then switches say the CAS (will cut fuel and igintion) to regulate the RPM.
You could also have an input from the speedo sensor to have two limits, a lower one when the vehicle is stationary (for launch control) and a higher one as soon as it starts moving.