Most certainly! I'd rather we not get questions following celebrity racers, but questions about racing are welcome.
If you have a question that's on the edge of cycling-or-no, have a look at the existing threads in meta where we debate this on other topics. (Generally, anything with the on-off-topic tag, which you've already used for this question.)
Starting your own thread (like this) is a good step, because we can point to this later on when someone asks for a policy on [topic].
I think it would be quite useful to discuss racing, but it will be important to keep it to tactics, strategies and rules and to not allow it to drift off into "who's going to win the Tour/Vuelta/Giro/Worlds/etc." though.
While there are going to be region-related questions, I don't think that's a problem. Asking about how the British racing points system works might not be of interest to someone in Canada - but that's like a JAVA developer not being interested in a question on Erlang.
Bike racing is notoriously hard to get into, so for someone starting out, this could be an invaluable resource.
That aside, there are tons of very legit questions on training, tactics, race prep, etc that would be valuable to have here.
I do think this is an example of a topic that localized questions and answers should be allowed though. Bike racing in $AREA_1 might be very different from $AREA_2. Rules and regulations, upgrade policies, where to take a 'learn to race' course, etc.
I am very supportive of questions that delve into riding itself and complement the more gear-headed aspects of the Q&A, but I have one question:
How would the board deal with the resulting questions about nutrition and dietary supplements though? Are these fair game or would they end up being closed as no on topic, or referred to a nutrition board? There was a question about cramping that was answered directly, but I can see problems with other more sprawling food/vitamin recommendations cropping up outside of a CW.