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Your biggest hurdle will be finding a lot owner that doesn't care about the liability, or finding a policy that makes this economically sound. Other than that, you may have problems with other people coming onto the lot, or maybe calling the cops to report the "durn fool teenagers doing donuts in a parking lot".
I've never heard of anyone doing this, but there's lots of things I don't know. If you do this, try making a sqaure course. Hold the wheel still (to the right, or to the left, doesn't matter), and use throttle inputs to rotate the car around the corners. Basically, steer a circle but drive a square. It's great practice for throttle steering.
Practice heel/toe on the street. This isn't a high performance only kind of thing.
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