While I know you've all been waiting and waiting for me to drop my thoughts on this topic, I've been giving it intense thought. Or not. But I do have some thoughts.
1. No active drivers. Retire first. Sorry Jeff Burton, I know you think Five-Time Jimmie Johnson should be in there, but have a weeeeee bit of patience. He'll get there. You might not, but he will. Your wife Kim on the other hand......
2. There are WAY too many people involved in Nascar to have all the spots taken by drivers. Have an unofficial limit of 2 drivers of the 5 inductees. That way all the crew chiefs, owners, mechanics, promoters, track owners, and MOST IMPORTANTLY, trophy girls. If you don't believe me look at the pic below of Brooke Gordon. That's shit's Hall Of Fame.

pic from athleteswives.com
3. Veterans, AKA: people involved a long freaking time ago. So here's what you do. Expand the number of inductees to 7. The extra 2 are reserved for a veteran's committee similar to other sports. That way people like Curtis Turner can get in. Or Lake Speed, 'cause seriously, his name has speed in it.
4. It's the Hall of Fame, not the Hall Of Accomplishments. Therefore, Ward Burton should be inducted in 2013.
5. I was a huge Rusty Wallace fan, but Terry Blount is crazy. Not for another 5 years at least.
6. Not to dwell too much on Jeff Burton, but this is a nice quote, "You shouldn't lose sleep over 'when.' If you're honored enough to get into the Hall of Fame, you shouldn't lose sleep about when you got into the Hall of Fame. The third class is no less important than the second class and the 10th class will be no less important than the third class." - Indeed sir, indeed.