That is the best option I've been able to come up with as well since what I originally wanted was a wee bit too specific to actually exist. Hehe. The runner up idea was to find a raid buff monitoring addon that's easy to modify and just add all mount/flight buffs. Since I have no coding skills it would basically have to be as easy as copy and paste. Durr hurr hurr.
The major hurdle is to convince someone to stay out of the race and help me monitor it. Seems like everyone wants to compete. Hell, I've been trying to figure out how to do it while still racing and I'm not even eligible for the prizes.
I'm thinking of suckering someone into it by having them act like a sports announcer while using Ventrilo.
"Number 22 has gone down the wrong stream and is trying to turn around! Numbers 13 and 17 are getting beat on by rabbits off in the distance!"
"Number 8 just disconnected!"
"The finish line is in sight! Racer Number 3 is coming up on Number 7. Number 7 is trying desperately to keep the lead!"
"The gap is disappearing!"
"These two titans of button mashing are now neck and neck!"
"Number 3 has accidentally hit his enter key and is now typing like a cat!"
"It's over! Number 7 has won the race in a screenshot finish!"