It can be done, but as has been said you are looking at a lot of money.
if this is for the birthday of a billionaire's child, then it isn't a problem. If it's for charity at the local fete, then you aren't going to make a profit, unless the local tarmaccers are giving it free.
At a guess you are looking at laying 5000sq metres (1000m * 5m ) of underlay, or removing 5000 sq m of turf, laying 2 to 3 inches of top surface (look at a kart track, see all those chassis strikes, you need the thickness to prevent it breaking up), rolling and compacting, then install all the kerbs and runoff areas and spectator protection. You do not want a Rotax doing 70mph plus arriving amongst the women and children.
Then you have to remove it all afterwards and relay the turf. There's all the petrol damage to make good as well, and just pray no-one has donutted on the Cricket square.
I'd say there was at least 20 or 30 mandays of work with some big equipment both to rig and unrig the track. And God knows what your insurance would be.
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