Tried something different on my last run this past Sunday. I shifted much later and hit the rev limiter for a second or so to get through one more tight/quick corner. This strategy dropped my time by about 2/10ths for the run. How often do you hit the limiter? Any downside?

 

Unlike fuel-cut or ignition-cut types of rev limiters, the MINI's rev limiter works by the throttle, so there is no rough-and-stumble power pulsations at the limit. The limiter also comes in smoothly, so there isnt a sudden shock or drop in power that will upset the weight transfer and send you skittering out of your corner. Just think of being able to hold your foot on the gas right at redline, no higher. It's that sort of effect. I see no downsides other than the usual 'hazards'of constant use of an engine near it's redline (slightly lowered lifespan perhaps).

 

I tried the same thing and got better results as well but I have to be careful since when using a pulley upgrade that would generate more unwanted heat and intake temperatures might increase too much.

If that sends my MINI into failsafe mode then I'd loose power and ruin my run.

I would think that a stock MCS would be OK to run at rev limit. A bit noiser but OK.
Eventually you'll get to shift and use 2nd gear more effectively.