As somebody who does testing for RC products I know something like this would come in very handy.
Some things that I thought would always have been a good idea for PDA's (need to be Blackberry, Palm and Windows based) would be a set-up sheet as well as a stopwatch with lap counter function and ratio calculator.
Even better make it work on an iPod or similar device even having it work on say something like a an old Gameboy would be good as the hardware is very cheap. I know many real world race teams at the SCCA run off's are seen using a gameboy with special software to take and record track data.
I started working on a concept several years ago however I am not a programmer so it did not go very far.
If somebody could right an rc app. that did this and worked on smart phones and PDA's they could sell it for say $5-$10 as sharewear and probably make a decent amount of coin.
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"The solution is people need to spend more of their efforts on promoting and finding more people to race with, rather then a personal quest to form a class that they can win at."