I take the oval in second gear. Third gear is too fast for the oval.
When i approach the corner I get of the gas for a moment, steer a little (too sharp) and then floor the pedal again. This creates an easy to control oversteer situation.
The exit speed out of the corner is +/- rev limiter in second so about 100km an hour.
Drifting in third gear is also possible but can only be done on large roundabouts (100 meters in diameter or more). I have such a roundabout in my area but haven't got any videos of that (yet) :-)
The tire wear is quite reasonable. But after two rounds you've got to let the tires cool down! I can make 20 sessions of 2 laps on fairly used tyres but I can't make 5 laps in a row on new tires. As soon as the tires are hot they're burnt within moments!
* If you start to see in black and white, then you know you are pulling enough G's
* I only use the brakes so i can accelerate all over again
* Drive it like you stole it