I haven't ranked up to rank 3 (SRL) yet but I hear it drops pretty good rewards the higher your rank, especially if you use a 3OC.
What's the best reward drop you received from sparrow racing?
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Bought the book, almost rank 6. I have received 3 - 320 helmets and 2 - 320 class items amongst a plethora of 314-319 that are vaulted. At the point now where every helm is over 314 so anything below is getting dismantled! As RNG as it seems, I do think buying the book helps in some super secret way as I have had way more/better drops than any of my other racing friends...