There is a similar series here in California by ShiftS3ctor called Airstrip Attack (
ShiftS3ctor.com)
Since the air drag generally increases with the square of the velocity, you need a LOT more power to go increasingly faster.
From the comparison's that I've seen, with 600+hp you should have a good shot at seeing 167mph in 1/2 mile. One challenge might be getting all of that power to the ground without spinning the tires. Just a thought.
Keep us posted!