I think it'd be a fun little mode that would add some light-hearted banter to Destiny. Think Star Wars Episode 1's pod racing just without Anakin or Jarjar.
As a side note: The N64 pod racing game was AMAZING.
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we have been doing some racing around tracks we just made up on mars. 'around that rock and over that hill and around that other rock then back' kind of thing with the start and finish line in the same place. you have to have a player as starter and judge because what you see is not always what it really is. no crossing areas where the loading thing occurs to keep connection speed out of the race and avoiding vex/cabal combat zones is a good choice.