When I was a lot younger and at least felt like I had something to prove, I had one of those situations. I had just gotten my first SOHC4, a 550K4. It was a POS, and one of the issues with it was an extreme need for chain and sprockets. If you goosed it in first gear, the countershaft would spin in the chain. The Nissan of the day was still a Datsun, a 240Z. And I pulled up to a stop light next to one with a guy like you describe, wanting to beat a motorcycle. And mine looked as rough as it ran, so I guess he thought he had me. Except that if I held the throttle just low enough to not spin the sprocket, I still walked away with no problem. I will not forget that day.
Of course, I'm a lot older and wiser nowadays. And nobody messes with a 350F!