I am not a scripter, but I am somewhat sure that if this was put into the game the physics engine would just die
What?
There are already plenty of cars that drift
all the time.
All you need to do is have a drifting variant of each car without a UI name, then switch to it when you're drifting, right? The boost thing I don't think you could do, though. I know you can change from one type of vehicle to another without ejecting players (unless you don't have enough seats) because there's an event that does it. Two identical cars with different statistics. When the player starts firing, swap to the drift stats, when they stop, switch to normal stats.
As for item pickups while in vehicles, use zones, if you want that.