It would work if you had an automatic gearbox (sod clutch slipping to 16000 rpm) with the right gearing, and that was effiecent enough not to lose half the power on the way through the transmission.

There is then the fact of course that to go anywhere the engien would HAVE to be absolutely flat out foot the floor the entire time at high RPM.

I believe that in that sort of circumstance you would be lucky to see 10 mins use out of the motor on a typical F1 map before it expired as obviously during a race it gets time to recover in bends etc as you dont hold a F1 car flat out like you do a tank (well i did last time i drove one, lol)