I just had a whirl through Fossil Canyon, and a few things caught my attention:
http://i53.tinypic.com/zygh95.png
This speed pad here doesn't work. Even if it did function properly, the speed pad would boost a player into the water anyway, unless they're cautious of this and react quick enough to avoid it.
The actual problem here is from using the speed pad, landing in the water and after using the spring to get back out of the water, the player would have to TURN BACK, just for this checkpoint!
http://i52.tinypic.com/2zzuqrr.png
Thus, none would bother taking that route during a race, and would make that speed pad pointless.
I'd suggest making the water shallow enough to allow players to go at full speed, and stair slopes(as opposed to small cliffs) leading into and out of the water, so players can keep their speed. That, and a checkpoint going across the water as well.
Another thing I noticed is that there's no item boxes.
That aside, it's a pretty ok level.