Hydrogen would make an ideal race fuel. The main problem comes from storage...not in terms of safety, but in terms of practicality and weight for eg. To be stored as a gas it would require 200bar=very heavy tank! Also because its such a low density, the volume required increases, so when you compare to say petrol, you need significantly more volume per mile...again=more storage.
Theres other issues which would need to be considered for use on a road car. One off the top of my head is the changing of propeerties within the lubricating oil which is often experienced due to the low density of the gas, and so increased blow-by. This sort of contamination could be detrimental to a road cars life, who's oil changes can often be quitew a period apart.
As a race fuel, it could be very advantageous...increased detonation limits for example would allow massive inlet pressures and Cr, allowing for optimised output. On the downside, again storage. There are capillary materials that have been tested which "absorb" the fuel and so reduce the volume of storage considerably due to increased density. The problem with these were, its takes 30mins to re-fuel....hardly race-winning pit times eh?!