Sounds like my friend's dragbike.
CBR 600F2. CBR 900RR engine. 997 big bore kit. Cams, ported, polished, decked, backcut tranny, etc etc etc. The chassis had to be cut and welded to get that 900RR engine in there. Hehe, but all the stock 600F2 plastic does fit.
That engine put down 147rwhp in a 900RR chassis, with the factory 900RR airbox, OEM type filter, pipe, and no tuning. He's got a set of filters, removed box, race pipe, and a set of high performance carbs on the thing now. With some tuning he feels there will be no problem dynoing it out to 160+rwhp.
With the wheelie bar he expects it to be able to run well into the 9's.
I'd definately chock this race up to the rider not being able to ride. His "floating" was probably from a mal-adjusted suspension, and his own personal belief that fork travel equals lifting the front wheel. LOL.