To clarify, the way the trans shifts (firmness, at what speed/rpm, etc..) does NOT change when you have it in D or OD. The only difference is that if you put the shifter in OD it will allow the trans to shift into 4th gear (OD).
So for "racing stop light to stop light", it would make absolutely no difference. First of all the trans will never shift into OD under full throttle (unless the kickdown function was modified), and even under heavy but not full throttle I doubt you would ever get going fast enough between stop lights to shift into OD.
The transmissions were designed and tested to be left in OD all of the time, so just leaving it in OD really won't hurt anything but could slightly decrease the overall lifespan of the trans...keep in mind this if for a stock setup (ie. mainly small factory tires). The problem is when you start putting even slightly larger tires on but don't change the axle gearing you get in a situation where the engine is in too low of an rpm range to have enough power to pull the tires at low speed, and therefore you get it constantly shifting in an out of OD. In this case you should leave it in D around town, or anyplace that you can't maintain 55 mph + for long periods of time. But with that said, it also does not hurt anything to put the trans in D around town with any setup because you won't be turning that high of engine rpm at 15-30 mph.