That is standard equipment on aircraft charging systems. Its there so the pilot can deal with an malfunction which causes an over voltage condition. But it also helps the starter crank the engine a little faster or at all if the battery is low.
If the battery is fully charged, there will not be a 35 HP draw from the alternator. If you installed a switch to open the field circuit, the alternator would then free wheel sparing what ever HP it would have used for other purposes. Hopefully the battery would have the capacity to run the engines electrical load for the duration of a 1/4 mile race.