You mean Lysaghts where it still operates and isn't vacant?
To put one anywhere, you're going to need to be looking south, all of the areas that you could potentially put a drag strip are either already marked out for the freeway extension/detour around towns, or are already in planning stages for development of housing.
You may be well better off speaking with those in Nowra whom are already pushing for a drag strip (And I believe it has been before council down there also).
I can't think of any land around the Wollongong/Shellharbour region that would be level enough, and far enough from housing to allow a drag strip at all.
As Tats mentioned, you will need to build a good business case!