The BYO recipe uses the wrong grains and the wrong hops. Bear Republic's own site says it uses pale and crystal malts, and the 4 C's. The Amarillo is too fruity, and there's not enough emphasis on Centennial. And what's with the wheat malt?http://bearrepublic.com/beer/racer-5-ipa/
I'd keep the grain bill simple. 14½-15 lbs total grains, with at least 13 being basic 2-row, and no more than 1 lb of Crystal 30. You could throw in some Carapils too. That will get you an SG of 1.065-1.068, i.e. 7% ABV. But don't overdo the Crystal or you'll lose the color profile. Racer 5 is golden, not amber.
For hops, using Beersmith, I came up with this.
60: 0.5oz Columbus (first wort)
45: 0.5oz Cascade
45: 0.5oz Chinook
30: 0.5oz Cascade
30: 0.5oz Centennial
10: 0.5oz Centennial
That's just about the necessary 75 IBUs. First worting the Columbus will smooth it out a bit. You could back off this schedule a little bit too. I've never thought Racer 5 had that much bitterness.
For aroma and dry hopping, I'd use Centennial for sure, along with Cascade. But don't dry hop too much. Racer 5 has a good aroma, but it's not overpowering. I wouldn't dry hop more than an ounce total. You're not making a double IPA.
I haven't brewed this particular recipe. Racer 5 and Bell's Two Hearted Ale are my favorite commercial IPAs. I can get Bell's anytime (I live in MI), but we can't always get Racer 5, so I've been thinking about it for awhile.
Any and all suggestions or tweaks are welcomed.