I've studied this idea myself.
A good starting point would be to find an abandoned section of rail road track. Half the initial grading would be done, and it would give you a nominally flat plumb line to build out from.
What has typically happened in Wisconsin, Iowa, Nebraska and Illinois has been the right-of-way has been in some way put under the care of quasi-governmental partnerships with a bicycle trail organizations and snowmobilers.
What might be cool would be working with such an organization with the understanding that a section of it would be paved for LSR with alternative routing for bicyclists. The track would revert back to a really nice bike path on non race days.
The big down-side is that to be safe from deer, you would need to build out a significantly large apron from the track, at which point you'd likely be abutting farms or other private property.
Even as large as the area is around the carousel at Road America, I've seem deer nearly take out cars. So while it may appear desolate, there's a lot of wildlife in those corn fields.
Most venison in the Midwest is corn fed, and often grilled.