Nah i dont think it would be that practical for in race stuff as you'll get to many people moaning
Though over time people might get used to it like at MTB and BMX events
Setup wise it was just one canon speedlite with a bowens radio trigger. I did have a second but the bats in the trigger were dead. Think I managed to get the three units for £270 as i bought a studio kit at the same time. I could do with some more powerfull lights as on bright sunny days the flash to ambient ratio is a bit low, but finding good value battery powered units is proving difficult.
Flash sync wise it should be the same as your camera, so for me its 1/250th but i'm pretty sure i was getting syncs at 1/400th which was a bit odd. But i have used em in the studio with a sync speed of 1/1000th on a mamiya, thats because of the leaf shutter in the lense