Viper,
I shot motorsports to a pretty high level.
If you're serious about taking it further then you have to seriously consider f2.8 glass.
2 major reasons why.........
Your biggest issue with motorsport action (regardless of if you're accredited behind the armco or public behind the fences) is the unavoidable clutter you get in the background at race circuits. This ranges from fences, tannoy poles, brightly clothed marshalls, ambulances, bright air catch fences, sponsor hoardings, grandstands etc etc.
Motorsport photography is primarily about capturing the moment when action gets exciting and relating that to your viewer, NOT about showing people that the ambulance in the background that you've inadvertantly caught in the frame is an LDV or a VW and has two occupants.
F2.8 apertures enable you to use Depth of Field to your advantage and completely blur out the annoying background clutter to a nice degree, leaving all the emphasis in your shot on the subject
which is where it should be (unless you're intending to show the wide angle environment that the competitors are operating within).
The example below shows a little about what I mean.
The yellow in the right-hand background is a builder's hoarding attached to a half-built house with scaffold poles standing vertically. Normally I would want to avoid this type of cr@p from my shots but unfortunately the wheel-up action happens in the same spot all the time at Oulton's Druids and to move to a spot where that clutter wasn't in the background would mean I wouldn't get the shot...."period".
I know this but you don't because the very shallow depth of field used has obscurred the clutter to a degree where it doesn't detract from the main action. That's f2.8 working for you in a way that F4, F5.6 etc wouldn't.
2nd reason is that the smaller the f-number, the more light you're getting into your camera and more light means you can achieve a higher range of shutter speeds, essential for most motorsport eventualities.
Personally with a 70-300mm lens you don't need a monopod. Save your money. The smaller lenses are not what you'd call hefty - leave that for when you get your 300mm or 400mm f2.8 prime, then you need a monopod!!!!
F2.8 is the way to go, but it's more expensive for a good reason. "No pain, no gain" and "You get what you pay for" at work once again I'm afraid.
If you're not that bothered about the quality of the motorsport shots you produce (which I doubt is the case) then you don't need f2.8 and can save your money. If you are serious, I would save for a f2.8 lens that meets your needs and disregard stuff that you don't really need.
Good luck,
Guy