I would definitely hire a lawyer. It could save your license. And I would go after the cop. File a complaint, harrasment, bad judgement, I don't know what. At least get a complaint on record so the next guy maybe has more of a leg to stand on that this cop is an idiot.
This kind of bad judgement is something I fear every time I drive my car. I have a loud exhaust and I accelerate hard from a stop at times. All I need is some jackass cop to say I'm racing and it's 800 bucks out the window. What a shitty law we have on the books.