What's the engine temps when this starts to happen? Sounds like an ignition problem, either pickup coil, ignition module or main coil getting too hot and failing. I believe the ignition module comes with some stuff that goes under it to protect it from heat.
EDIT just re-read the part about "race trans" if the engine has been modified, has high compression with a stock starter it could be suffering from heat soak, you may need a high torque mini starter if it is dragging. Might also be why the ignition module is crapping out, high compression engines run hotter if they're not in their powerband. Need to know some specs about the engine, what cam it has, compression ratio, any mods. If you don't know what cam, does it sound really lopey or choppy at idle? Do you have headers without any heat shield on the starter?