Hmm... this is an interesting system.
The way I was planning to rank the players initially was with a percentage, which formula included a WR total time/personal total time ratio (so, much like your idea), and the player's avg finish. The first conflict back then was to incorporate the avg finish stats somehow with the WR/PR total times ratio in such a way that it still gives a percentage at the end. (and in such a way that someone who has 40 WR's has a percentage of 100%) It did not take me too long to find a way to get around that problem, though the second conflict I had to face was even more existential if you could say so: Give both of the stats a similar weight, and keep the weight balanced regardless of the amount of players there are on the site. That one conflict appeared to be an endless struggle against the numbers, so I ended up just leaving the formula idea under the carpet and go with the SR score "temporarily".
As I said earlier, your idea is interesting though. It converts the WR/PR total times into a score rather than a percentage, and that could help to make the avg finish fit in if we want to, since the avg finish after all also is a total score, only divided by 40. (much like the SR score) The reason I'm insisting so much on the avg finish is that the WR/PR total times ratio alone lacks of human factor. It doesn't take into consideration how much harder going from 1'01"99 to 1'01"49 in MC1 PAL is than going from 1'01"52 to 1'01"02 in GV2 NTSC for example, whereas the avg ranking does it in what you could say is the most "natural" way, by taking the pulse from the players themselves.
Obviously, neither are the WR/PR total times ratio nor the avg finish flawless statistics, but the avg finish generally rewards a lot where the total times does very little (MC1, BC's, RR) and vice versa, so mixing both of them offers a fairly accurate balance at the end to estimate the player's strength, I think. Without total times, people skilled in highly played tracks would be more advantaged than the others, plus any 0"01 improvement would not be granted to help your overall score; without avg finish, some courses would be less rewarding than the others.
Anyway, as I said earlier, mixing both of these stats can be a bit like comparing apples and oranges, so we still have a long way to go if we're aiming for that as a final goal, but so far, we at least have a solid starting point with Chris' scoring system. I have myself messed around with it in my excel files and thanks to copy/pastes, I calculated the total score for every player.

Only, there are 2 things I modified from Chris' formula: First, I only rounded up the final result instead of rounding up all the individual ones (for precision purpose), and second, I divided the time of a WR holder by the 2nd ranked time instead of his own time (the WR), since otherwise, no matter how much he improved his own WR(s), his score would never improve (but as you can guess, that involves total scores going in the negative).
NTSC players:
(5-lap score / F-lap score / Player / Final score)
-8614 -11628 Jamie White -20241
16061 16062 Simon Laflamme 32123
39030 36484 Martin Morissette 75515
67272 57791 Stanley Jeram 125064
94921 87464 Michael Liem 182385
61538 57886 Christophe Paquin 119424
84647 82928 Juan Sebastián Arévalo 167575
88281 82542 Jason Fraser 170823
122862 110356 Kevin Booth 233218
127558 122069 Ray Bergstrom 249627
39814 42835 Chris Balch 82650
116994 113642 Nathan Stinson 230636
180349 148104 Darcy White 328454
188795 174118 Hue Le 362912
288495 274407 Jonathan Bennett 562902
116985 91057 Jason Whalls 208042
215588 183117 Jean-Sébastien Dubois 398705
210322 174990 Xavier Jutras 385311
284531 234582 Dean Barnhart 519113
89257 90179 Toshi Miura 179436
511864 233404 Drew Blumfield 745268
PAL players:
(5-lap score / F-lap score / Player / Final score)
16318 24687 Michael Jongerius 41006
50642 47948 Nicolas Clementy 98590
44053 49753 Jérôme Gava 93806
46496 58737 Raphael Braun 105233
50429 48346 Gerard Roodhorst 98776
40868 39044 Karel Van Duijvenboden 79912
87919 98833 Serge Ludescher 186752
144686 138282 Cédric Leutwyler 282968
206995 161780 Andreas Runnelid 368775
16006 16292 Pierre L'Hoëst 32298
54239 50533 Matthew McCarthy 104772
-583 -3294 Sami Çetin -3877
159836 158904 Hampus Lindin 318740
164476 176260 Guillaume Leviach 340736
64053 74389 Armin Huber 138442
92901 113207 Willem van Voorst 206107
26655 25264 Sébastien Holmière 51919
144330 149338 Paolo Galasso 293667
339443 272465 Edzard Wesselink 611907
141325 157009 Dominic Lenz 298334
51182 67812 Matthias Boucher 118994
101030 93267 Franck Mazières 194296