Not sure how much the commercial liscence is for Sswifts system but may be worth it.
I'm using something atm which looks not bad and is super fast and 2 x the resoluton you can get with a normal render to texture. I can explain how it's done if you like? Probably not what your looking for but it's better than nothing and would probably look alot more subtle with a lighter shadow.
Stevie

EDIT :
In fact, as your roads seem smooth then a quad mesh system would probably work for you. Instead of using linepicks position a pivot at the middle of the car, set it to collide with the track, point it straight down and every loop move it a large distance downward. After updateworld you'll have the position on the track and the alignment normals. In my experience it's faster than line pick.
Stevie
I'm using something atm which looks not bad and is super fast and 2 x the resoluton you can get with a normal render to texture. I can explain how it's done if you like? Probably not what your looking for but it's better than nothing and would probably look alot more subtle with a lighter shadow.
Stevie
EDIT :
In fact, as your roads seem smooth then a quad mesh system would probably work for you. Instead of using linepicks position a pivot at the middle of the car, set it to collide with the track, point it straight down and every loop move it a large distance downward. After updateworld you'll have the position on the track and the alignment normals. In my experience it's faster than line pick.
Stevie