I never did pinewood stuff growing up. But a few years ago we had an employee enthusiasm thing at work, and the event was a pinewood derby.
I didn't do anything fancy... but I trued up the wheels, polished the axles, made sure it tracked straight, and used graphite lube. It paid off. I've got the trophy to prove it!
Mike...
P.S. Oh yea, for some reason only 3 wheels were touching the track. My drill press must be off a bit!

The quality is remembered long after the price is forgotten, so build your teardrop with the best materials...