I'm all in for Out Run. The Saturn version is exceptional because of the 60fps bonus. But it can't be ranked for time because of a bug (featured on all versions, also on the original arcade board). Score is the best way to go and also how Arcadia is ranking it. The course has to be named, because courses vary in length. The fastest for example is right, left, right, right (Goal D). That's the one I would recommend anyway. Additionally we could rank by time that's left at the end of the race, for that figure is not bugged.
Another important note: We should always mention if the turbo start and/or the off-road glitch was used!!! This can change the score dramatically. Everything else should stay default, i.e. time limits/car-traffic.
Ridge Racer would be great, too. MAME is the best choice, because of the pristine 60fps & progressive scan(!), but we could also give the Turbo version, featured on R4, a go. BTW, there's a big difference in difficulty between RR & RRR in both their arcade forms. The first is much more difficult. The Turbo version is based on RRR tho.
Out of titles, that have't been mentioned yet, I'd recommend: Virtua Racing (arcade or 32X), Super Monaco GP (arcade only), Ray Tracers (PS1/Taito), Power Drift (arcade or DC) & the Mario Kart series for further Racer of the Month competitions. Edit... Forgot to mention the Hang-On series: Hang-On (arcade or DC), Super Hang-On (arcade or XBLA) & Enduro Racer (arcade only).