Patrick, I'm assuming that you're going drag racing. Hot lapping shouldn't hurt a naturally aspirated (N/A) car so much. When my '07 GT automatic was N/A, I hot lapped it without much more than a tenth of a second variation in 1/4 mile ET's. Supercharger is a different story now.
As you noted, turn off the traction control and overdrive. Out automatics are plenty strong and well-cooled, so don't worry about the trans. Just go out and have some fun!
Your car will start to run quicker in the evening as the sun goes down and the track temp drops, so be careful dialing in for eliminations so that you don't break-out by going faster than your dial-in.