Shooting video of 1/10 buggies

[BORMAC]

I'm reasonably new to this so I am hoping someone here might be able to help out.
I'm interested in shooting some quality video of 10th scale buggies at the track and even bashing in the park.
In the past I've set up a video camera on a tripod and also followed cars around the track whilst at a fixed point. Now this was all done previous to the HD revolution and even my PC doesn't do that we'll with HD.
Now days I have a GoPro2 Hero and I'm just starting to play with it now.

What I wanted to ask is what would be a good setting for this little HD Hero and what software should I look into for editing and stuff?

On the net I've been looking at tips for filming and hardware to assist but thought I'd check in here to see what you other guys can recommend.

Thanks in advance, Jason.