Hot lapping - yup, you finish your run and head right back to prestage for another. Regarding multiple records and such, you can make the decision to add another class once you get there. The first time at the event there is a lot to take in and to learn, and you may find yourself plenty busy without committing to multiple record attempts. This will be my third year racing and I'm still chasing down unforeseen issues I would have thought easily solved the first year, e.g., it's my third year and this will be my third different clutch setup.
My first year I got a record. Last year I had to throw in a tired, non competitive engine two weeks before the event. I still had a ball, tried a bunch of new stuff out on the bike and actually learned as much or more the second year as I did the first.