I thought that ALL bikes were required to have the exhaust outlet NOT pointing down. At SpeedWeek this year Nancy's bike (certainly NOT running in a production class) drew some nasty comments from the inspectors because the exhaust pipe outlet was angled slightly down and toward the track. It passed tech as it was, and the reason they gave me (to explain the rule) was that at El Mirage a pipe pointing at the track surface would raise dust!
I don't think many stock (i.e. production) bikes these days have exhaust pointing down and close to the track, except maybe the Buells. And I can't imagine that other stock bikes, with the high cannisters they have these days that might include an outlet that points down, even though it's still two or three feet above the surface, would fail to pass scrutiny.
But stranger things have been known to happen in the tech inspection and impound areas. . . Don't know how the FIM would feel on this.