Yeah I think the rain tires work OK on the road courses but it just doesn't work for ovals. Like Falcon said you'd tear the tires up. Also I think the spray coming off the cars would be ridiculous and no one would be able to see anything. Its not like a road course where the cars are spread out and are doing 1:30 laps or longer, these are smaller ovals with 43 cars packed on them, and they would just keeping kicking up more and more water. Also, again its not like a road course where you go off the track into the grass most of the time(Monaco not included). Watching F1 in the rain is hilarious because they are sliding all over the place, they go off in the grass and come back. You do that on an oval though and you're sliding into a concrete wall and your day is over, so there is no room for error. It would be yellow flags all day long.
Honestly though it would be funny to see them try and do an oval in the rain, just so we could see how much of a failure it is. I'd put that on my list of things I'd love to see Nascar do once, right behind letting them race Talladega without restrictor plates.