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It used to happen a bit alongside downhill skateboarding and street luge, but got removed from most events because of low participation and them taking up an irritating amount of space in uplift vehicles. Most people used BMX frames flipped upside down. If your interested in building something and giving it a go then the SSSPRINT timed events at Gurston Down near Salisbury are your best bet.
Would love more on the gravity bike.
Does that even happen in the UK ? actual gravity racing, i am aware of the concept and have seen similar set-ups but out side of random one off races around the world it's something you never hear much about.
The crank arm appears to have the pedal insert filled, could be camera angle, could just be the pedal spindle/axle threaded in place.
The bike is ace, would love a go, with full face helmet and lots of armour for when you slide out on a corner at high speed :)