yeah thats pretty cool stuff. i've worked with TiN and DLC coatings at work on a few engine components where it gets used something like 'super duper case hardening' just giving the components a little more case hardness and in the case of the wrist pins slightly better performance in mixed-mode friction.
There is a lot of stuff on the market that gets sold with some pretty spectacular claims, when i've worked with it in the past its been in a specific application where it was more cost effective than a redesign or not possible to use conventional stuff... but that was OEM production so super cost sensitive.
i guess its probably a good option to use some coating on the cast iron, but most moped folks go to a nikasil kit for high performance stuff, along with a 1.5mm single ring instead of the double heavy cast iron rings in the malossi. Also the single ring weighs less and seals up better at high rpm so you got that going for you.
what is the class you guys are running? how far is the distance? i didn't even realize there was such a thing as junior motorcycle drag racing, probably a lot of moped tech that could apply. they sprint race these things in europe, guys like OVC and PSR have youtube vids of some scary fast straight line mopeds.