In the perfect world, there is some way to do both. Your daughter wants you to enjoy yourself, and gave her approval for you to race. I suspect she is wanting you to do well as much as you are pulling for her in the cheerleading comp. The "girls weekend" solution sounds like a good substitute. But of course you know you will need to call as often as you are able to and keep tabs on how it is going. Perhaps even a congratulatory Skype call after the awards can be arranged if you are not inside the race car.
My 2013 photo calendars available now