I'd go to this thread as a reference. The first 3 or 4 posts should cover it.
http://www.apexspeed.com/forums/showthread.php?t=59627
In short, getting a new class into the GCR is a gauntlet. Getting in as a Regional class makes it slightly easier. Most of us witnessed what happened to SM once National class was granted, the cars got more competitive and so did cost/value. That will happen no matter what class your in.
Bring us up to 2014 and Regional/National is gone. The only thing FST can't do is Majors/Run-ons. Many of us would like to go to Majors (June Sprints, ect) and a few would like to go to the Run-ons.
As a pretty general/non-official statement, I'd bet most FST guys would love to change the name to FV 1600 if it meant access to Majors/Run-ons.
My personal soapbox is not about classes, it's about race group strength. Many of you are now in Divisions that put FV into the "anything without doors" race group and then spend the weekend watching your mirrors. Not fun or worthwhile to me. I'd much rather focus on how to build and support small bore open wheel (FF, CFF, F5, FV, FST) race group.
Stan,
In that past thread, you said it (class name change) just needs to be proposed to the CRB ?