Yes. It’s an old term with no clear parameters to describe what has basically become known as a street strip cam of a fairly large duration. This is a very open term.
I assume a 3/4 race cam is just about right for 1000' tracks
No. Any cam is a race cam.
Your just going to set up the car to cross the finish line stripe at or just pasted where max power rpm’s at. Be it the finish line is at 660’, 1320’ or 1,000’.