I think the concept of a stock Mercury 500hp (then EFI, then 525 EFI) in a twin (F-2) or Single (F-1) class open boat was the key to success for the boat counts. To have almost 40 boats between F-1 & F-2 in St. Pete was amazing...in just 2 classes. All of the boats were open boats (no canopies) and more or less were stock production boats (in the begining). Then many became "potato chip" race boats. For Formula to have raced and won many races (historically viewed upon as a well made but heavier slower boat) that was quite a statement there.
The F-1 & F-2 was as basic as racing got and was extremely competitive and the tech inspectors did their best to keep the playing field fair.
Checkbook racing gets old real quick. What is more impressive? A field of 12 36-40ft Cats with twin 750's chasing each other on the race course or 2 boats that run 180mph????
The other key to success are race sites that WELCOME the race and come up with the money to put the races on. Cities like Sarasota, Ft. Myers, Key West and other like them would turn their towns upside down for a race. Over the last few years, alot of the local businesses want a race but don't want to put the $$$ up to bring the show to town.
If all race sites were like St. Clair, MI...........the job of a sanctioning body would almost be easy. (well........never easy but a heck of alot easier!)