Yes, it can be done with an RM Camaro, and it is a very nice challenge as well - definitely one of the most exciting race events I've had in the game.
First thing you need to do is load it up with everything you can - you need every horsepower you can get because the other cars all kill you in HP/weight ratios.
There are two main things you need to do after that. First, you need to get used to the feel of the car. You need to be comfortable with how it handles on both tracks, because you will need to race a near-perfect race.
Setting you gear ratios is the next important step - the key in this race is not top speed, but acceleration. You need to figure out the perfect top speed to set so that you can set your transmission accordingly. You don't want a top speed set that you can never reach because you'll miss out on the quicker acceleration that you really need to have; on the flip side, you don't want it set to low or you will go smoked on the straits. You may need to run the tracks a few time to find the perfect setting for you (I believe for one track I had it set to around 138, and the other around 163, but I don't remember which one for which track).
The biggest challenge is the Chapparal 2J - if it gets in front, it's gone. Your best bet is to hope it gets stuck in the pack so that you can build a decent lead, because it will catch you eventually. You need to work hard to block it from passing you, because once it has the race is over. If you load the race and the 2J is in the front row, you might as well exit out and try again, because it's gone. The Toyota 7 can be a problem too, I've heard, but it wasn't an issue for me. Your mileage my vary.
Hope that helps - this was a really fun event in a game where challenges are always abundant.
(Note this works for A-spec... not sure about B-spec. I doubt it though)
