While my Continental doesn't quite fit the bill for Lateral-G, it is bagged and I've had it for over a year now with the setup so I can comment a bit. A car that is setup to be a cruiser will do just fine with bags, they are floaty and a bit bouncy. A decent shock setup is a must to counteract that.
That being said, I would
never consider bagging my 69 camaro until I could drive a muscle car with a nice proper bag setup on a track.
I can't imagine throwing a car with bags on it around a track but I'd be willing to try it, in someone elses car.