being a local and experiencing many schoolies(and all the shit that goes on) i dont think they are really out to get ya. i never really had too much trouble with them.
this year though it will be at home as it is defectable! but if you dont have that problem then i would say you should be fine but expect unwanted attention!! if you dont want/like then leave it at home. i got a mountain bike to ride where ever i need to get to these days
but the first year i had the skyline i actually took it out. i was pulled up by a group of under cover cops like 5pm on the friday arvo after pulling out of a bottleo... search my car over(not for defects, but drugs im guessing) but found out i was local and then layed off a bit. started asking me all sorts of questions about the car, like whats it worth. how fast have i gone, is it quick. which i thought was funny! they were fine and had no motivation to defect me(although the car was mostly stock)
most of the weekend i left it at home til me and a couple mates wanted to go driving. i had 2 'ss' cop cars following me. fortunable i knew the back streets of my home town very well and i avoided any probs with them by taking a coulpe extra turns in my drive home.. i reckon thats where my trouble would have been if they had of pulled me up
then i was drive from work to home on the monday and they pulled me over for a rego check. and let me go with no issuse.
last year a mate of mine was pulled up but the 'ss' but the cop in it was dence and didnt know what he was doing( BOV's vent exhaust gasses to ATMO...well according to him. oh and a standard return valve is illeagel. haha)
so do want ya want really. thats my experiences with and my and a mates car.
i have had other run ins with the police at schoolies when i was younger, but i dont see me being that stupid now.