In mechanical engineering, the simplest option is usually the best.  The same goes for this series.  Here are my propositions:

1.  2 restarts maximum, and only before lap 2.
2.  Lag-outs are treated as mechanical failures.
3. I can't review all of the replays in a timely manner (it would take me literally weeks).  Also, many cars that run in this series are multi-million-dollar machines.  So, please drive respectfully.  If there is an incident worthy of note, and upon petition, I will have a look.
4.  Corner cutting:  I am a little bit loose with this one, because everyone going balls-out is awesome and fun.  However, your car should not fully run off of the racing surface, especially for more than half a second or so.  If you gain a position by cutting, you will be asked to return it.  If you do not comply, you will be penalized double the difference between the position you were fighting for and the one behind it.
5.  DO NOT hit the XBOX Guide button at any point during the race or after finishing, until everyone is finished.

If anyone thinks of anything else, please let me know.  If anyone has any disagreements with these rules, message me and we'll get this sorted out.