Couple of points/questions ....
What about gradients ?
Personally it's too "new school" - so constant radius curves etc etc --- imho the curse of F1 track changes these last 20 years.
THe sharp angle corners will be a problem too. Drivers will cut corners 
Caution, straights no longer make for overtaking  All formulas rely too much on downforce Think about designing a sequence of curves which then measn there are 2 or 3 different ways to enter the first -- make it wide at these points and then drivers will be able to use the braking zone to switch routes and add interest.
As initial proposals I like them all for differing reasons
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Understeer is hitting the wall with the front of the car
- Oversteer is hitting the wall with the rear of the car
- - Horsepower is how fast you hit the wall
- - - Torque is how far you push wall
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