Thanks everyone for taking the time to reply, it is much appreciated.
I am shortly moving up to a K3, I did have my sights set on a K5ii until the K3 was announced, at which time I knew I go for the K3. The K7 is pretty limited and it's holding me back as it doesn't handle a high ISO all that well and the AF is frustratingly slow at times. I should be grabbing a K3 in about a month's time so I'll still keep practising on my K7 when new opportunities come up. I'm actually travelling slowly back to Brisbane from SA and had the chance to go to the races so it was a good opportunity to practise a really challenging sport. I hung around with the official photographer and he always pans because he is only after the winner, I'm not bad at panning but I specifically wanted to try to stop motion on some very fast subjects and get more than one per race. The other problem was the races start at 4pm then a bloody big storm came across and stole all the light
dms - I've shot other dog sports and have stopped motion well but they aren't going at a million miles per hours like these greys!
calson - I need to girder my loins and learn how to use Focus Magic it looks quite awesome! Is it compatible with CS5? In this case I prefocused and went manual because there is no way I'd get anything with using AF.C in this situation. I do use it when I'm following or tracking animals but because I was aiming at a particular spot instead of following the dogs the focus would lose it's mind when I kept the shutter down for multiple exposures and probably go hunting for the next few minutes
RGlasel - See above, I focused and then set it to manual. I had tried this on dock diving and it worked well but the dogs were heading more towards me rather than running across my field of view.
Jon404 - You've hit on something I'm a bit conflicted about. I need a better birding lens and wildlife are my main subjects. I'd love a 300/F4 but when shooting animals that are moving around a bit a prime can be a bit of a drama. But I'm also considering the new HD teleconverter to get a bit more reach, in which case I could get a faster higher IQ zoom that goes to 200. Sports aren't my main focus, I just want to be able to master more areas than just portraits, which I'm good at. I have another lens that probably would have been better for this exercise but I didn't know how close I could get since it was the first time I have been to the races so went with the wide zoom 55-300. You'll probably read me agonising soon about my upgrade and which tele zoom is best!
I was also in TAV btw, it's the best thing since sliced bread, just set ap and SS and let the ISO float, great for variable subjects and changing light. I've found that I've had to stop down a lot more than I am used to with the 55-300 as well, more than I like to get a decent DOF, which I suspect is due to the adjustment needed in focus.
D-sims - I usually use centre and lock focus and recompose, or zoom out a bit then crop the subject to where I want them. I have to confess I did shoot the first race in jpeg but then lost my nerve because once you go RAW it's painful to go back
I'll resize a few different pics including one of the jpegs tomorrow to show comparisons. I did go up into the stands and also shoot the dogs coming around the turn and focus was better as they were coming towards me but there just wasn't the opportunity to get the positions I wanted to shoot from, it's not set up well for photogs.