Found a very good video on airshows and the the reaction of the spectators - it's in Polish, but I hope you enjoy it
http://www.youtube.com/watch?v=VCH6n-OGSJA
My point is that the public is generally watching you one eye only, concentrated on eating a hot dog and drinking their beer (especially if you're not an F-16). Had those guys flown 50' higher, the public would have been equally excited... So why risk your life for that?
Cheers!