my problem with the race system as it stands...

Current race system is good for those it suits. I like it but I have no illusion that I'd ever get very far as I don't have the time.

Another idea: time trials. run at regular intervals throughout the day. like signature events, rewards are distributed at the end of the time trial period (e.g. end of day) based on best score (XP) posted per account (not character).

Caveat with time trials: you can't get any points for clearing areas, reaching levels or being first in any particular race because this would again favour the people that can play all day every day.