On my Garmin 225, I set it like this for races (and other times as well):
Autolap at 1 mile. No pace alerts because they're annoying as heck.
Screen 1 (can't change): Total distance (not usually useful unless you lose track), elapsed time, current pace (not useful)
Screen 2: Lap distance (not all that useful in a race with regular mile markers), heart rate (useful for me to make sure I'm not getting into a hole too early), lap pace (most accurate way to keep track of pace).
When the race starts, I keep an eye on the lap pace to make sure I'm not going out too fast. When the time shows for each mile split, I check to make sure I'm on pace and not speeding up too soon. Periodically I'll check my HR to make sure it's something reasonable.
I'll only switch to Screen 1 in the last 1-3 miles (depending on race length) if I'm trying to hit a time goal. At that point, it's more important to know the elapsed time and what kind of pace I might have to hit to get my time goal, and at the end of the race, I don't care about HR anymore.
For mile races, I turn off everything except elapsed time.