Unfortunately the comment he made on mtasa.com after he talked with me does not sound so promising:
The sourcecode for Race has not been lost. Our feeling is that DM should be able to provide the same gameplay as race does. If it doesn't, tell us what the problem is and we'll look at fixing it.
Going back and fixing race would be quite time consuming - a few days of our time I'd guess.
Nevertheless, all hope is not lost. Cygnus and I were discussing reverse engineering the MTA server browser protocol yesterday. I've already successfully modified and tested a modified core.dll that connects to a custom server instead of ASE's servers. Would probably have to talk to the MTA devs and get permission before distributing it though. What remains is reverse engineering the ASE protocol, but that is proving a bit difficult since with no ASE servers online, I can not even sniff the protocol. ;( I am currently trying to see if the MTA devs will give it up though.