IMO, There will always be the minority who have a complete disregard for the law, will speed, will do drugs, drink and drive, etc etc, no matter how much legislation or education you provide, it will still happen. A drag strip may or may not reduce the amount of hoon activity on our roads, but drag strip or no drag strip, "hooning" will still occur.
Its common sense that the majority of hoons are aged 16-25ish, and i think that laws such as power to weight restrictions for L, P1 and P2 drivers can help reduce the amount of high speed deaths that occur on the roads. Sure, you can still go fast in any car, but i think most teens/younger drivers speed because their cars with larger capacity engines/forced induction can get to 140k's in a matter of seconds. Reducing the amount of "fun" experienced whilst climbing quickly to high speeds could decrease the amount of high speed deaths/injuries on the roads.
But in answer to your question James, i say yes, i think a drag strip will decrease the amount of hooning on the streets, but not by much. We still need hoon laws, and a drag strip.
The drag strip could also prove quite profitable, which could be in the interests of the state government...
These are my opinions only mind you, from a 21 year old who falls into the hoon category.