Where are you booking flights? I've tried finding decent cheap flights around the UK, but driving always ends up cheaper. Cheapest I've ever seen Edinburgh/East Midlands at is £100+ per person. Cheaper to drive even in my relatively uneconomical 45mpg Fiesta. I've got to do a week in Bristol next year, and no matter how I spin it, the 450 mile drive is cheaper than flying and/or train. Sometimes hiring a car and driving is still cheaper than the other options.
320 miles for a racing event is nothing IMO. Happily did that for Donington trips back in the day, and LM is almost 900.