It was tried in Tassie in the early 90's (I think) It was reasonably popular but those lovely people at CASA deemed it to unsafe and stoped it happening again. They had CT-4's, Beech and a few others. (I think it was called air race tasmania)
I have often wondered about it myself and though that the RAA side may have a shot at getting it going as our Regs state that we can do not have to 500' restriction if we have the property owners approval. So we could have our Drifters/Jabs/Technams down in the grass doing laps but then I think it would struggle to get public interest unfortunatly but count me in if you do!
Adam.