Todd:
Yes, i aimed at using a single NXT retail set only.
However, i guess relaxing to non-NXT opens up for eg Power Functions, like the ChainRider, reaching 2.7 seconds, see:
http://www.mocpages.com/moc.php/55609.
So yes, go ahead and see how far you can push it!
Mind you that Techno Moves came up with a machine that does 5 meters from a standing start in 1673 milliseconds, clocked by a NXT with a laser and two mirrors...
See his page
http://www.mocpages.com/moc.php/69921
Happy racing!