The race guys use VHF. The radios require an interface cable to connect them to the intercom. A word of warning on interface cables some radios require a somewhat expensive (70-100 dollars) to make them work. If you are not a radio wonk like me you are probbably better off buying a package.On all of the radios you unplug the mic, and then the intercom plugs in there. So yes, ptt works. You want the same frequencies as everyone else so you can communicate with anyone you're riding with. I forget what band the race radios use, but that's the one you want.
I have argued on other forums that the race frequencies make little sense for play riding heres why. The race frequencies are VHF meaning that anyone I want to talk to needs a VHF radio and there are not a lot of cheap alternatives. UHF on the other hand actually opens up a world of inexpensive handhelds that work on the FRS/GMRS ( I bought a 4 pack at Walmart for 39 bucks a couple of weeks ago.). The beauty of this setup is you can have spare radios to lend to people that ride with you to help keep in contact. I used these on my kids quads with a 20 dollar helmet kit and mom can yell slow down whenever she wants.
btw I use the Yaesu FTM-10R in my rig with a really well designed antenna system and I can hear everyone from Gordons well and to the beach store.