Not a bad deal if you have never raced or want to let a wife/girlfriend/buddy have an opportunity to get some seat time. Five passes and maybe some more if your quick qualifier and a hat & t-shirt to boot. 12's is damn quick to the general population and it would keep em from wanting to drive your ride. I think it's a good idea and would love to see it happen locally.
I think it's a pretty neat way to offset some of the cost to race. I think a 12 sec car is a pretty good deal, much faster then anything the average person has experienced yet probably not enough to get in trouble with.