No reason you can't have both racing and a show. IMHO I don't think either can survive without the other. There is already a show- add in some spec racing to improve on that.
You have to commend the "big boys" for all that they do; not ostracize them for being able to do it. The guy going in this spec class can't do what the big boys do- money or time wise. Most in this class can't travel across the country doing charity, going to hospitals to see sick kids, setting records from city to city, etc. Joe Six-pack (or plumber) wants to see the flashy big boys- and so do I.
I love "racing"- deck to deck, same setup where skill, testing and training determine the winner.
I love the "show"- big top tents, 20 vehicles rolling in like the circus coming to town, flashily trucks/boats/cars/chicks, shirts/hats/posters for sale/freebies, fan involvement and the like.
Adding this class will be awesome and I can't want to see it happen. The ones that want this the most already attend the races; you have to get the non-boaters involved and interested which is what the big boys bring.
Sponsors want ROI. Get more people there, then more people see their product which gets more coverage which gets even more people involved and on down the line. Then comes TV and sponsorships which leads the racers in to being able to race full time. Now they are professional racers and have the time and money to make record runs, see sick kids, do charity, do poster signings which gets more coverage. Make it happen and it can evolve in to a self supporting sport.
I can tell you this is one of the best idea's I've heard in a long time. If it were to get on it's feet and knew it were going to last more people (myself included) would want to "invest" in a race boat. I can't afford to have the rules changed every few years but if it were a spec class and my boat would be competitive for a decade that would be a different story.