Like I said: not properly or well. One: You would need to switch up a bunch of stuff, like add the money system, add all of that. For a straight race, sure, you could do that, but there's no time system---unless you want to use the supernova cue.
Also, I hate to say it, but Freespace 2 has a pretty lousy sense of speed, and the turning is way off for the gameplay I had.
Not to mention FS2's capabilities fall way short when it comes to internal courses. For instance: I want an abandoned asteroid mining facility. In one scene, near the end of the race, I was planning for you to race through the mess hall, and above you is a skylight--the mess hall is a dead end, so an arrow tells you to go upwards through the glass. The arrow isn't possible, nor is the destruction of the glass.