Then there's no problem, Xbox DVR can take care of the screenshots and vids.Once again, you can read about the previous races here. That will give you an idea of how all this plays out.
As Esvandiary pointed out, XBox participation is an interesting question. On the surface, it shouldn't be a problem but I can think of two complications.
1) Mac and PC share the same universe, XBox is in its own. So will XBox CMDRs be at an advantage or disadvantage because of this, or is the experience the same? (time between jumps, chance of interdictions, ship performance etc.)
2) A condition of the race is that CMDR's have to be able to submit screenshots and/or video of their times. So how easy/hard it will be for XBox CMDRs to send screenshots via email, or post them to a site like Imgur?
If neither 1 or 2 are a problem, I don't see why not. The more the merrier!
About the "Different" universe, the only difference is Xbox having less players and the game crashing all the time