I was thinking about doing the 40 laps. Can you tell me about how much time I should plan for a trip including checking in and racing? Thanks.

Give yourself at least an hour. There is a safety briefing and the have to get a helmet. BUT, make reservation if it is a weekend or you might not get to ride. It is very busy.

Definitely call and check as it varies greatly. Also, you better be an iron man to run 40 laps. I can't feel my hands after 10min or about 26-30 laps.

Depends on how busy they are. I suggest you call them to ask about possible wait times on the day you want to go. I was there with a pre-reserved group. We took about an hour and a half total there. Have fun.