The pic above is the Suzuka Twin circuit in Japan.
Its a very compact circuit.... the main straight you see there is about 600m long. It has two tracks, which can be joined to form one longer one. I've been there a few times and the racing is fantastic...
I echo Stain's feelings pretty much to the letter.
Having done some thinking, I would also withdraw my support of this project as it is being presented.
Why? Because I don't like drag racing.
Now I now you guys mentioned there is 'potential' for future development 'Once everything else is up and running'
I'm going to suggest that you're going about the whole process completely backwards... and attempting to start a drag strip first and other facilities later will fail. Yeah you'll have your strip... but nothing else. No growth.
Think about it like this... What else can you do on a 400m strip other than Drag? Nothing. You're creating a facility for just ONE facet of motorsport... and one with dwindling membership and public interest to boot.
Now think about what you could do with something like the Suzuka circuit above... hell even just the main straight and the right hand track. (which is the one they use for most events anyway, the B circuit is rarely used)
In addition to drag racing:
Public track days
Advanced driver training
Drift
Time Attack
Sprint trials
Banger racing
New car demonstrations
Vintage car rallies
Car club meets
Motorbikes!
The list goes on.... Have a look at the huge variety of events QR puts on (and the waiting list to even book a weekday for a privately booked event) and take note of how many potential markets you're cutting out.
Even better (and quicker) this website is a perfect platform for your market research. It caters to motoring enthusiasts from all walks of life with dozens of different types of vehicles... how about asking US what we would like to see?
We are the paying public after all... we ARE your target demographic if you ever want to see this BUSINESS (and it is a business) succeed.
To summarise in a nutshell: I believe this town is too small to support 'just' a quartermile. If you want this to work, build a track as well. Just a little one.

In building a track, you will find overwhelming support from the community, by a factor of 10 or more. Shit, even the boys in blue will sing your praises as the 'hoons' will have somewhere to go for a fang.
Cheers
Jarad