The following is taken from AMA Competition Regulations for C/L Speed:
12. Scoring of flights: The best official flight by each competitor in an event, in terms of miles per hour, shall be used for competition and record scoring.
12.1 To separate the competitors in the case of a tie, the average of the competitor’s two (2) best flights will be taken. In the case of the two (2) best flights still producing a tie, the average of the three (3) best flights will be taken to determine the winner.
12.2 To compute the speed in miles per hour for ½ A Speed, use the formula: MPH = 1016.79 / time in seconds.
12.3 To compute the speed in miles per hour for A Speed, use the formula: MPH = 1670.76 / time in seconds.
12.4 To compute the speed in miles per hour for ½ A Proto Speed,.21 Sport Speed, B Speed, D Speed and Jet Speed use the formula: MPH = 1799.28 / time in seconds.
12.5 To compute the speed in miles per hour for 21 Proto Speed and Formula 40 Speed use the formula: MPH = 3598.56 / time in seconds.
12.6 When manual timing is used, the time for calculation of speed shall be determined as follows: The times from three watches shall be totaled. The total of the watches will be divided by three. All results will be truncated to three decimal places.
12.7 If using manual timing, records shall be recognized only when no more than .12 second variation exists between any of the three (3) watches. If the watches do not read within this required tolerance, and a record has been broken, the flier may request another attempt permitted. In the case when no record is broken, or if the flier does not elect to take another attempt, the average of the two (2) watches that are within .12 second of each other shall be taken for scoring purposes, disregarding the results of the third watch. If no two (2) of three (3) watches are within .12 second of each other the flier has the right to ask for another attempt, with the previous flight being cancelled, or to request that the average of the three (3) watches be used for scoring.
You will want to use Para 12.4 for line lengths that are timed for a nominal 1/2 mile. That includes 52.5 ft / 8 laps, 60 ft / 7 laps, and 70 ft / 6 laps.