And guys, don't worry about the noise, can always just use one of these:
http://www.amazon.com/SoundRacer-SRV.../dp/B0037CIIGQ
It sounds just like the real thing!*
*Does not actually sound like real thing.
In all honesty though, Formula 1's currently use what, 2.4L V8's? Rev to 18~19k? While it is a different sound, I for one would welcome the scream of a high-revving small displacement V8, even if they were detuned to a max of 9~10k for reliability purposes.
Heck, in 2013 F1 is supposed to be going to 1.4L 4 cylinder engines.
Here's a "what-if" scenario that I like: What if Chevy entered into F1 with an engine and then used the 6g Camaro platform with a detuned version of the same engine as a way to recover development costs? You'd have an engine which had at least 3 years of hardcore racing development behind it already, designed for reliability and performance in arguably one of the most prestigious road racing series around. That'd be pretty win-win in my book.