So it sounds like drifting isn't used as a means of improving lap times in RC like it is in real life, more like just for fun?

If you're using super slippery tires like PVC then you're sacraficing most of your traction and acceleration ability available from the rear wheels.

This setup resembles a rear/mid engine FWD car with half the power and ice blocks for rear tires.

Why not move the engine up front and run a driveshaft to the rear wheels. Then your mass is forward and your drive is back similar to a real car.