Well I went on the track yesterday (Homestead in Miami) with the oil overfilled by a little less than 1/2 quart. Nothing happened. No clouds of smoke while driving. No clouds of smoke when I started the car up again before each session but I did make sure to idle the motor for about five minutes after each session before I shut it down to let the scavenge pumps get all the oil back into the sump. Ended up using maybe 8 oz. of oil for the track day, which I think is ok.
I did have a small amount of oil leak from the cam covers, enough to get a couple of spots on the ground, but that has happened to me after spirited driving on the street also.
Only other concern (other than scrubbing off the equivalent of about 5k road miles of rubber off the tires, and significant front brake pad wear) was I had to add some power steering fluid. Not a lot, but it was definitely down.
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Current car
2000 Boxster 2.7l red/black
Previous cars
1973 Opel Manta
1969(?) Fiat 850 Convertible
1979 Lancia Beta Coupe
1981 Alfa Romeo GTV 6
1985 Alfa Romeo Graduate
1985 Porsche 944
1989 Porsche 944
1981 Triumph TR7
1989 (?) Alfa Romeo Milano
1993 Saab 9000
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