You know I am going to have to disagree with Miyamoto. Personally I see F-Zero being great with the WiiPointer in the classic position.
Turn as you would expect. Then you have Gas, Brake, Boost could be forward on the D-Pad, and Back could be hand brake for very quick turns.
Left and right are used for the dashs that can either be for attacks or really subtle position changes.
It would be beautiful.