I rather doubt that it would be much of an "exciting event" for spectators. It is one thing to be right in the middle of the fray, and no doubt quite another to watch. I am talking about races that involve from 8 to 400 boats; by comparison a "drag race" between a couple boats on the bay might just be a ho hum event.
Jerry, next weekend the Hot Rum races continue, on Saturday. Go to the top of Point Loma and enjoy the view... racing starts about noon. There were quite a few spinnakers flying when the fleet was returning to the bay later in the afternoon a couple of weeks ago... quite colorful to watch.