This is a great course to run in a parking lot. You can set it up with one of those long hand-crank tape measures from the hardware store, plus low soccer cones (don't get the tall ones). It works well at half-size, but a very different experience.
You can get a set of cheap track timers on ebay for under $100: http://www.ebay.com/itm/bestlap-lap-...item3cb98e72eb
(You'll need that kit plus one more beacon, since you need 180 degree coverage to cover start and finish.)