When you have a drag racer, unless it falls off a cliff, you don't drastically change your altitude. You can build your engine so that it is optomized for a certain altitude, ie; higher compression, more boost, etc.
The only reason you want variable altitude boost control is if your traveling up and down hill all the time. I live right next to Tahoe so I go up and down probably a difference of 2500 feet everyday. I live at 4000ft go up to Tahoe at 6225ft and then every once in a while go into the bay area at 0ft. If you have a naturally aspirated vehicle in my case you would have 3 options. 1) build your engine so that it works well at Sea level, but then it works like crap at home and in Tahoe. 2) build your engine so that it works well at 4000ft, then it works like crap in tahoe, and you're afraid of going down to San Fran becuase of detonation. 3) build your engine so that it works well in Tahoe, and never go home.
Now you loose 3-4% horse power per 1000ft and with a carburetor you're running rich at higher altitude and lean at lower altitude, so if you can maintain a constant manifold pressure you get the same horsepower everywhere, and you don't waste any gas. Say at sea level your engine generates 100hp then at 6225 feet you are left with 75hp. It must suck to live at some of the higher resort destinations of Colorado because your horsepower at times would only be 60hp.
Now, a geared charging system wouldn't make sense becuase the change isn't drastic enough to call for such an aparatus. Those planes used superchargers, since superchargers are belt driven they couldn't continously vary the pressure without an extravegant shifting mechanism. Besides, the shift was meant to give more horsepower at cruising speeds at altitudes higher than any road goes. Because turbochargers are free-floating systems they can spin at speeds that are not merely strict ratios of the engine's speed. This makes them ideal for changing altitude.
The point of a variable boost control for a car is economy. The planes used them as a tactical advantage.
Here is a fun website about the history and practice of variable altitude engines in aircraft. I also used it as a reference.
http://fordsix.com/forum/posting.php?mode=reply&t=42588
Just some Food for thought...
Allan