Michael,
I lost my brakes on my Carrera track car last year. That WILL wake you up. My car is cursed with brakes that are too small for the car (just like my 500E). Cooling, pads & fluid type are critical (nothing new there). Try Performance Friction 93 or if you want unreal stopping power Pagid Orange (my favorite) You will hate them on the street unless you are fond of screeching metal sounds but boy will you stop at the track. With track tires & either of these pads, you are going to generate some serious heat and boil your fluid which is what happend to me & probably to you too. ATE blue is good fluid but on underbraked cars like ours, you need to bleed it the night before the event. The blue absorbs moisture too quick & it's wet boiling point is too low. It works fine on cars with big brakes as they don't generate the heat that we do. The big boys run Castrol SRF. I have gone to this & it is great stuff. It also has a great price ($ 70 a liter) but the wet boiling point is WAY up there & it basically doesn't absorb much moisture. In the long run, if your time is worth anything, you will save money running the SRF as you can easily go 6 months plus on a brake flush (they say 1 year plus but I think that's a bit much). Cooling air will help all this big time. Make sure to put the air either in the center of the rotor through the "eye" so the vanes in the rotor will carry the air from the middle out or as Alain said, on the calipers themselves. I am working on this now on the Porsche. Pulling the backing plates off helped some but you really need directed air.

Bottom line: My C2 widebody weighs 3014 Lbs. and has calipers on all four wheels the same as the fronts on our 500Es & it ain't enough. If you keep this up, you are going to want bigger brakes but the fixes will help. Since I started runnung the SRF, I haven't lost the brakes again. They will get a little mushy 15 min into a session but they hold up. Good Luck & keep the shiny side up!
Jay