You can re-record a track by pressing the "quick start/save track" button. You have to set this in the control menu (mine is Alt+Space).
The "start recording.." message will appear and the recording will be saved as an .ntrk (which is less prone to screw ups than .trk).
You can add the following line under [game] in the conf.ini to set a recording indicator/timer:
RecordingIndicator=1
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