Speed races: You will want to get a plane that has the easiest maneuverability, speed is not necessarily essential in this type of race. Your plane will be flying through rings which will give you speed boosts anyway. There are no power-ups or weapons.
Survivor races: The player in last place when the time is up loses. There are power-ups and weapons, so use them to your advantage. Use whichever plane best suits your play style. Personally I liked to use the Panther III for these races, it has decent speed and good boosting power and maneuverability.
Power races: These are just the standard races every arcade racer has. You will go through getting power-ups and various weapons to sabotage other racers as you try to win the race. I liked to use a plane with good armor for these races, but use whichever plane you win with the best.
This will probably take around 2-3 hours to do. You will need to go through each race in the seven stages and complete them. You do not have to even come in a trophy winning spot. Play on easy difficulty through the entire campaign to make this as straightforward as possible.