Just my $0.02 worth here...
Look at your fleet. Are they mostly newer, spin boats or older, non-spin boats? Are the most likely people to attend the hard-core or fun racing type? Can the majority of them spend two days racing or only one?
How long does good weather typically hold out in your area? Are you prone to afternoon thunderstorms that could reek havoc on the fleet? Can you get reliable forecasts more than 2 days in advance?
What's the topography like? Is this a scenic area or straight coastline? Is this going to be coastal, offshore, or inshore sailing? Are there host hotels/attractions in the area? On the course itself, are there various strategies that could be adopted by the teams (like sailing around a shoal or through it, left or right of an island or obstruction, etc.)?
I would think the average racing sailor is most comfortable spending 4-6 hours sailing. If you estimate 6 hours for the slowest boat (non-handicap time), in good weather and seas, that would equate to anywhere between 15 and 25 miles. If it's all high performance spin boats, more like 25-40 miles in good seas and reaching conditions. If it's an upwind/downwind thing, try 15-30 miles.
Good races in FL to look at for ideas are Key Largo Steeplechase, Hiram's Haul, 45 x 45, Macho Man, Hogsbreath 100, Mug Race, and Miami-Key Largo, to name a few. You can find info on them here at catsailor or
www.floridamultihullsailor.com (Roy has lots of pictures).
Hope this helps!
Jay
I-20 USA 279