What happens when you have people cutting multiple turns multiple times?
Say you're on your 3rd warning for turn 1, 1st for turn 2, ok for turn 3, 1st for turn 4, ok turn 5, 5th on the chicane, etc, etc? Get a bit hard for driver to remember penalty qty for specific corners - especially on long races.
Isn't it not better to just have a penalty marker circle a bit within the track boundary, which allows a driver to put a wheel a little off track, but not excessively so, and this will (maybe eventually) teach drivers to respect the track boundaries.
Once drivers get spec'd few times for cutting corners, they either learn rules - or leave server!
However, I do like your idea for a circle object that you can bind an InSim command to (chat, action, etc), as currently you can only use a square x,y zone. Would also make it so much easier to place rather than try have to work out coordinates.