it really is entirely up to you how present your vid. What I would say is if you are going to use a few views look at the course you're going to be filming and find all the exciting bits then maybe use the most expressive view for these sections whilst keeping the main focus of the lap on one camera.
I mainly use a mix of dynamic, cockpit, alt cockpit, and rear view. I record a complete lap with each view which makes it easier to pick and choose when I want to edit.
EDIT: I forgot to say that if using multiple views to construct the vid make sure the action flows along nicely, this usually means watching the bloomin thing over and over but it's worth it in the end.
Audiowise It's nice to have just the engine whilst editing as you can match the sound it's making between edits. If you've got a peice of music you think goes with the final cut then use it but try mixing it so you still hear the car.
If you go down the multiple camera route I use simple Windows Movie Maker (as it's free) to put it all together. It has some simple transition and effects that seem to suite this type of vid well enough. It's not great though and I find the Live version for windows 7 crashes from time to time so always save after you make a change.
Hope all this rambling helps and look forward to seeing the results.
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