Go to a raceshop and see if you can get yourself some slicks, preferably some take offs that are partially used. You can save a grip of cash, you won't waste your street tires and you'll get insane grip to boot.
If you're doing it at a drag strip and you're a hard core racer, you have a chance. Not all people can launch. If the guy is much bigger than you, it's even better, but if he's got skill and with all the power his bike has he will probably get you.
Then again, sounds like you are making some power yourself.?? Good luck
05 Ninja ZX10r - Parting Out