Never raced, but I've ridden my dad's YZ250 that I converted on a kart track and it was a lot of fun! I'm not the fastest guy on any bike, so I was getting my doors blown off by the better riders, but it wasn't the bike's fault. 4t is definately easier to ride, but I had a lot of fun on the 2t. So much fun, that I am probably going to pick up a YZ250 for myself because I have wheels that will fit it. Or I may shitcan the idea and get another KTM, who knows!
I ride my KTM 300 smoker on the street a lot and it is fun. It's more of a momentum bike once you break 70mph though. They may be ~55hp, but it's thrown down a hell of a lot different than a 4 stroke. I have it geared so it isn't screaming at 55, so the gears are spaced out more than they probably should be. Wouldn't be a problem on a kart track with 14-47ish gearing.