We have talked about doing one here before, but it hasn't happened yet. Discraft provides the disc, and it has heretofore been a prototype of new disc they're releasing. You MUST use the disc they give you. Typically, you can carry 2-3 of them, in case you lose one in the woods, water, whereever. So far the Breeze, Glide, Meteor, and Impact have been Ace Race discs (there may be one or two more, but I can remember those). This year would bring a new prototype disc, unless Discraft changes the way they've been doing this.
And like Chris said, the holes would all have to be shortened. We'd probably make temporary tees on each hole to accomplish this.