Man, I thought I was the only one with one of those
The only fun I could have with it is if I smoked the fronts say at a 40-50 mph roll, then engaged awd at the light and just anihlated the sucker next to me.
There is no benefit to be seen by selecting fwd in a race. You are still rotating the entire drivetrain. So you won't be using the tcase to power the rears, you'll be using the fwd to power them (same rotational resistance). Now if you could make axles that disengaged at the hubs, and still disengage the tcase, then you'd be saving (a guess here) 60 lbs rotational parasitic loss.
On the other hand, I don't think these could handle being reengaged while moving. I think it'd be ok to disengage, but definitely not to engage the awd (no synchro's,...).
I think you could just get some door lock actuators and mount them onto the tranny(tranny would be optional)/tcase, and have an electric switch from inside the car.
It wouldn't really be a sleeper since you would roast your fronts at a high speed, but the ability to launch with little to no slip would leave them speachless.
I don't know how strong the switchable diff is, when its in locked (intended for fwd) position. It would act the same as a welded, but has external teeth that mesh to the vc.