Yup, thats pretty much it. (I have an 89 2.3l lx as well)
Although I've never taken it to the track (and for good reason) So I can't verify the 1/4 times, but my guess for my car would be higher since it's kind of running like crap these days.
And you CAN race some things and win . . . you just have to make sure the other car doesn't know you're racing until it's too late