Freebeard, I would say "yes, that's wrong". Oil can change color very very quickly, especially in cars that run hot or are hard on their oils. (Like turbocharged cars, or *ahem* air-cooled ones.)
Back to the OP: If you're looking to race car technology, keep one very huge point in mind: Race cars are thoroughly inspected, to the point of disassembly, very very frequently. Top-tier teams will pull a car apart after every weekend event to inspect all of the parts, and anything that isn't perfect gets replaced. And many things get replaced after X number of hours regardless of condition.
Street cars are much more "set-and-forget". Even if you do a careful inspection every week, you're not likely to spend the whole weekend tearing the car (and engine) down to its individual pieces to mike everything. So what works for a race car may not work so well in a street car.
It might--but you may be breaking new ground. Something to keep in mind...
-soD
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