Hey guys,
First of all I'd just like to say that if not for Magic Lantern, I'd have not bought a DSLR.
I had in mind that if I was going to spend $$$$ (comparatively) on a camera, it would need a minimum amount of features such as timelapse, which none seem to have out of the box... Found Magic Lantern, bought a 600D and life has been grand

Okay, so one thing that I want to acheive this year, is to make a good quality video about taking my racecar to the track, racing around, the social side of it, etc. As well as a timelapse or two and a few of Magic Lanterns other fun features.
My plan so far is to record with:
600D with 8mm Samyang fisheye lense, stereo shotgun mic.
This will be mounted in the car looking out the windscreen / view of driver, will record at 720p 60fps.
Netbook with a 20hz GPS receiver and software, a webcam connected recording at 640x480 30fps for a picture in picture view of perhaps the pedals/drivers feet.
The audio portion of the webcam video will be with a Blue Yeti USB mic in a secondary position to capture engine noise, or exhaust noise or whatever.
A Contour HD modified to recieve an external mic input, this could possibly use the headphones output of the Yeti mic as the input, or put the shotgun mic on this and use the standard Canon audio.
So I'm pretty much sorted for what I want to do with the above I guess, but there are some other segments I am planning to shoot where I am torn between aiming for 1080p or 720p.
Since there's a maximum bitrate for the camera (is this before or after compression?) is there any picture quality to be gained by shooting at say 720p 24fps over 1080p 24fps? Would less colour detail etc get compressed down by the codec, if more data can be allocated to each frame? Or is it not likely to make a difference?
Since some portion of the video will be 720p anyway to get 60fps, I figure I'll aim for this for the rest, if it's a case of post codec quality advantage vs pixel count.
If anyone can help, or perhaps has any hints or tips for shooting in car / out of car automotive stuff, I would greatly appreciate it