As far as I'm aware, to get club plates now, you need a current RWC. once done and car registered with club plates, as long as the car isn't driven on normal roads and only used for track, you should be able to do anything to the car.

But,

That would defeat the purpose of the plates?! If a track car is only going to be used for track, then Tow it and theres no need for Club rego.