Only time I recall seeing F1 races in the UK was at Tiger Club displays at Redhill, when they flew a tight circuit, with one leg down the crowd line and the opposite leg behind the crowd, presumably just outside the Gatwick zone; with the crowd inside the turns it seems a rather safer concept.
I imagine the Redhill races were more demonstration than truly competitive though.
Best of luck UA, I hope you will keep us updated as to progress!