Thanx for the heads up on how to wheelie.
I finally finished the game , Official STREET KING ...
For Wheelie and Drags...i used a BMW M3 E46 maxed out to do the wheelie and it does it perfect at 1336ft . And it does a 1/4 mile in 8sec flat plus 1/2 mile in 11sec. Made the Drag King eat Tires...
For Grips... i used a Porsche 911 Turbo maxed out best for acceleration around bends, control and top end. I laped the RYO Watanabe 
For drifts...i used the Nissan 350Z because of the size can fit around any bend.
For Speed Challenge... i used the Nissan Skyline GT-R R34 fully maxed level 4. The Speed King cant drive
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This is on PS2