Not to dish another bash, but just to offer some experience. Everyone will say street racing is stupid, that said, we have all put the hammer down to show what we've got. here's my concern...
I used to commute from San Jose to Van Nuys twice a week, 347 miles each way straight down I5 (as in I would average 1800 miles per week), and I would routinely run comfortably in the triple digits for extended times. That being said, the car I used was built for it (to the tune of about $6k into suspension, brakes, and tires) and was track tested multiple times at 170mph, as well as my person experience in it during several evasive, emergency, and road racing driving courses.
Based on what you said you really needed to back off on the speed for a couple of reasons, and heres why:
First and foremost: Conditions - changing lanes...most people dont diligently watch there mirrors, and most collisions will be caused by another driver not realizing you have switched and moving into your path. Also things like how wide is the road, how far ahead and how wide is your field of vision, what is your "ditch plan", and what else is around....you must plan for a blowout or loss of control, and keep in mind that should your ditch plan include crossing a curb etc, you will end up airborn, so make sure you have plenty of slide room and are ready to eat your roof.
Second: the condition of your vehicle...clearly the suspension was not up to the task, but stop and look at the rest of the picture (this is my quick quiz to myself anytime I am going to plant it on the street) in all of these questions you need to be honest about the last time you verifed what you know. Along with the suspension, what is the condition of the tires (treadware, inflation, carcass integrity, and speed rating), what is the condition of the brake system (pad type and quality, fluid integrity, actual line quality)...these are the biggest element you are trusting you life to, and should an emergency arise you will be pushing them to their maximum working capacity...make sure they can take it
Third: driver clarity(decision making process)...you realized you had a problem the first time the suspenion twitched; in real racing thats why you pit; in any scenerio if you continue the run you are making a decison that your pride is worth both your life, and anyone in a 1/4 mile radius....the problem is in the adreniline rush your reactions may be better, but your thinking will not be (the cure for this is a lot of track time on a road course...it will help you curb the rush, and driving schools will make the exact response to situations instinctive).
Now, after my rant I would say check all of your bushings around the sway bars, and make sure you dont have any air leaks in the suspension; in one of my old conti's the right fron airspring had a slow leak, and when pushing it you sould deffinatly feel it not carrying it weight.
Lastly, to the remark about knowing where the cops hang out, On one of my runs south I did not have my radar detector and was clocked at 142 in a 70. I got a firm talking to however I was not cited (Leagally he should have given me a set of silver bracelets)...When he started on the fact that I was insane I pointed out all of the environmental conditions (visibilty, ambient temp and how it affects road quality and adheasion, and the fact that the road was repaved 2 weeks earlier) the color and number of every vehicle I passed in the last 5 miles (and mentioned the fact that on approach I would shave close to 50MPH off my speed), the fact that the car was built for it, and that I was sitting on the side of the road waiting for him before he even entered the roadway or hit his lights. Yes, I admitted guilt, but also proved I knew what I was doing, and was paying attention....doesnt make it right, and I was lucky, but in the big picture I was more concerned about staying alive that getting stopped.
P.S. Most car guys who have track time will flame on you strictly because your post showed the lack of experience in controlling the rush that inhibits your ability to make decisions....I say fix your suspension, find a few good driving schools that will let you run your own car, then you will be good to go....yeah, street racing is stupid, but so was high school sex without a condom, and when the head cheerleader is willing....
stay safe