I think ALL of it should be off the street...
traffic light drags burnouts in public whatever, take it home...hell the only skids I used to do were in my own street (the bastards re-surfaced last year so they are finally gone after 5 years...)
Its all about common sense, the sad thing is it is not that common.
As for mountain runs, well if it is a hill climb event fine, if its at night with inexperienced drivers trying to prove something then I have a problem.
I don't have a problem with the 0-60 traffic light jokes I pull on people, its when you start speeding its stupid...nothing like reving a wanker in an excel up at the lights only to watch them keep going...I shouldn't do it I know...but hey they are the ones breaking the law!!