How about some event ideas for a Fun Fly event?
I like #3. We also do a variation of #2, which doesn't penalize the guys with smaller planes. Have a flag guy at each end of the runway, each pilot makes a high speed pass downwind, and a low speed pass upwind. The biggest difference between times is the winner. The flag guys are there to signal when the plane has crossed the "start/finish" line. No climbing or diving allowed, only level flight both ways.
Jet