Firstly let me say "Well Done Guys" Just getting the car over there and competeing is excellent, but to put down sub 1min lap is so fast for a 1st try. I love that vid, makes me want to spent more money that I dont have.
In regards to this suggested competition you might find some usefull information here: SAU-VIC Motorsport
This is basically our rules and regs for the SAU-Vic motorsport championship, which seems to work pretty well. For this comp thou you would probably add a class and have a standard, modified, and race class (race class being slicks, or cage, or stripped cars)
Especially check out post#3 in regards to tyre ratings. Snowy and I have put a bit of work into these classes and tyres that are considered 'R' compound, and you may be able to use some information or pick bits that might be suitable to this comp.
Also add me to the keen list.