There already is an open wheel class and I believe once upon time they where the fastest. Of course probably not the kind you are thinking off. The ten minutes barrier while amazing, is not truely reflective of improving cars but a combination of more tarmac and faster cars. The all tarmac part will change the event, not a bad thing, just different.
I still think the group b runs look the most amazing, have a search for Audi Quattro S1 doing it's thing in the Eighties.