It is possible. Altough there is a reason you cant get behind the fence in shift+u mode, and that reason is that you sometimes get graphical glitches. You can, for example, set the camera 50m above the track, but at some tracks the tarmac will dissapear, or you will see ugly parts next to the track.
As for the release, my goal is to get something working before the next masters of endurance race. If I manage to get something that is worth sharing I will put a link here.