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Bringing a wheelie down soft takes a lot of skill and really knowing the vehicle. When you're that high you've got to have a lot of power to spare to bring it down soft just by riding it out. I'd think he'd run out of gear first. Might have to shift with the nose still up. Assuming that one rear wheel situation doesn't toss him into a spin :(
I've got a friend who drag raced a '64 vette and showed me the same type of wheelstand when he was at Atlanta back in the late '80's. He also went up on 3 wheels as he had the weight transfer set to thrill the crowd. Unfortunately, the complete loss of traction had it coming back to earth and he pretty well wasted the front fiberglass clip and had to redo the struts. Definitely a fine ride. He got a new Hairy Glass front clip shipped in and went to Houston a couple of months later and real disaster set in. His engine setup was put together by Elisa Boyd(old time Super Stocker) and completely oil restrictive(Hamburger pan, baffles in both the roller rocker area & pan & oil restrictors) designed for no oil pressure on the top end that forced him to to click the TCI shifter to neutral and click the engine off after going through the traps to keep the engine intact. Although TCI shifters are probably the best around for safety, they cannot take the abuse some drag racers put on them as they try to hit shift points and slam the shifter into the next gear. To make a long story short.... you have to lift a gate/handle to put it in neutral with a TCI shifter and my friend had abused it so much that this time when he clicked it into neutral it went one click further into reverse at 140+MPH. The vette flipped end over end 4-5 times completely destroying it. Monday he showed up at work(he worked for me) with a bloodshot eye and a five-point bruise pattern across his chest from the safety belts when he opened his shirt. He walked away with that only because the chassis was first class that NHRA requires.