With handicap mode/"catch-up", low-mid 30 second times can be achieved. If you think that there's a lot of handicap/catch-up on daytona, just wait until you play Outrun 2 SP! On that game you can almost keep up with the race leader without ever touching the steering wheel.
Just in case anyone didn't know, you can turn catch-up off by getting the majority of players to hold down all 4 view buttons during the course selection screen. This trick has one downside: after about 5 laps of advanced, everyone has to take a pit-stop because the wheels have worn out-if you don't take the pit stop...the car will just slide around everywhere.