I've raced against and ridden a lot of drag quads, and you're right, you probably could beat a couple drag Banshees. So many people's set ups aren't right for drag racing, for example, my 390lb 75hp+/- Raptor beat a 110hp alky 10mil Cub that weighs 275lbs wet, because he weighed over 300lbs and his set up wasn't right. It just takes the combo of the right things and you can either beat or loose by a lot to someone. BUT, if you're looking to go fast, seriously, get a Banshee, TRX250r, or something besides building a 510cc Warrior that'll cost $4k to build correctly, even then, it won't be extremely reliable IMO.
Not trying to knock on the Warrior... But I've spent my fair share of time and money trying to go fast on a 350..... It doesn't happen.