Can you get some HD cameras? (those are cheap to rent right?)
Actually, the biggest change that I think is both achievable and would have the biggest benefit to those watching at home/replaying the footage later would be a split screen to show the different teams within a heat. Make it so we could see the leading team in the heat the full-way through and anything interesting happening with the following team(s).
Some adjustments in camera positions might be helpful, in particular it would be nice to have a better view of the transitions. It would probably help the viewers if we made sure the lines were painted in a fashion that stood out better (e.g. thicker lines, like at the finish). The hill 1/2 transition in particular gets lost in the broadcast (it may be easier to see from the other side of the street, but that would then require having the broadcast cables suspended over the road).
Regarding getting an official time on the broadcast the software is such that a direct feed could be setup to the truck, but I believe cmuTV is out of connections already, so they are at the limits of the existing truck. If you did have the official time feed, then we could have a cmuTV unofficial clock pumping out splits (e.g. freeroll time). I suppose if you had official times coming in as a timestamp on the feed it'd be easy to do stuff like the PiKA A/SDC A overlay (http://www.youtube.com/watch?v=zMeUMEfZSp8
Only other things I've thought of while watching other sports are things like the robotic cameras that go alongside sprinters/speed skaters etc on a straightaway (up hill 1 or along the back hills) or the overhead cameras on cables that the XFL popularized...as an overhead view of portions of the course would be pretty great to watch (http://www.youtube.com/watch?v=z21rEKeL9k0