Chuck,
As the unofficial pace car driver, it will be really hard to make this happen. When I am sent out for a yellow, I sit at the exit of pit lane and wait for the leader (Tommy or other) to come around turn 10 and get to about the start/finish line. I do everything I can to pick up the lead car and let the others go by. So, unless there is a big pack of cars on the front straight when the yellow comes out, there won't be anyone in front of the leader.
Also, from past experience, trying to use hand signals to tell another driver something during a yellow is pretty hard. There would have to be a crystal clear understanding of how to do things will all drivers in the group to make it work right. Otherwise, you'll let the leader by and then the guy behind him will think it's ok for him to go by too and that starts a "Oh, I'll just follow that guy" effect.
Not saying it can't be done, but it will be pretty hard.
Rick