According to my dad who started in IMPBA in 1967, the 1/4 mile course was the original course, which at the time seemed fine due to the speed of the boats. As he told me last weekend, he remembers back when he first started, there was hardly any props available and you were doing good back then to have a 30mph 45 hydro. A couple of years into it, they broke 50mph with a 45 hydro and that was a huge accomplishment. Anyways, the course got bigger as the boats got faster and a complete rule book was written. The 1/4 mile course has always remained in the book as well.
I drove the 1/4 mile track for the first time this fall at the Cincinnati time trials. What a challenge that was. It is not just a smaller length course. The turn is only 30 foot in diameter. I like the option of being able to set records on either size course. It definitely takes a different set up to run well on the small course.