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I agree with Ray Zee that it should be possible to be eliminated in a race. That is not permitted in most modern rule sets, but that was not a change for the better.
Even if you think a player should be able to be eliminated in a race off .... we are talking about a rather rare occurrence and when it does happen the player is given a single chip of the lowest denomination making the likelihood of it impacting play significantly rather remote.
I just don't think this rates high as an issue (in all my time dealing I have actually had the issue arise at a table I was dealing exactly once ....)
I think if anything were to be changed about the chip race procedure it should be the rule that a player can only win one chip. This impacts almost every race off and gives extra equity to players with fewer odd chips.