NP, but you may want to get a separate LVC in the future. You can run the lipos lower than you mean to fairly easy, and they are an expensive investment to ruin. Too bad the on board one didn't work a bit better for you.
If you set the cutoff higher, then the motor will cutout even sooner. You can set it to lower # of cells, but at that point why bother? Running a 3S lipo down to ~6v (2S setting) is bad.
As said, race mode disables all safeties. No LVC, no motor power reductions, nothing. Its the "its in your hands, be careful not to break it" setting.
You want some sort of safeties, if the LVC @ 3S cuts out on you to early, you may need better batteries to a more flexible external LVC.
Too bad the maxamps packs are not delivering the power you need; you might contact Jam on this forum to help you out.
Have you got an eagletree that can monitor your packs voltage?
the better the battery, the more it will be able to hold the voltage under a high load.
The race-mode might seem to help you out, but it's not a solution. You might be able to drive it, but it's killing the lifetime of your pack.
Like Finnster said; if you run the LVC at 4S on 3S pack, it works the other way around; it's better to put it to 2S than to run it in race mode. Both are not adviced though. They pack you are using is not up the task, perhaps Jason from maxamps can help you out.
Perhaps there is just a bad cell in that pack, i don't know. It might help if the pack is fully charged. What is the outside temp? the colder it gets, the lower the voltage of the packs under load.
Enerland cells have the tendency to keep their voltage very well.
Polyquest, Hyperion, flightpower are a few that come to mind.