Kurt, My biggest worry would be the cops on Ventura Blvd. All it takes is that one lone cop and if you get busted for "speed contest" even under 60mph, I think you lose your license for a while and of course there is the issue of insurance. I'd hate to see a fellow gear-head like you trying to "chip" a moped, or establishing lasting relationships w/ bus and cab drivers.
When I was a teenager my buddy had a quick '69 AMX, 343 w/ headers, close-ratio 4-speed, etc., we used to drag between stop-lights all the time- it was a blast- think "American Graffiti" w/o crash at the end, I don't blame you, but pick your spots w/ care is all I'm saying. And yes, I think that the track would be good for you, haven't tried it with this car yet but can't wait. You can push it 'till you're scared, test your skills against others who really know how to drive, and it really gets it out of your system. The fastest guys in the world, (F1, nascar, etc.), drive pretty mellow on the street. My .02.