Any time you get a massive value offscreen means the point was getting dangerously close to the Z == 0 plane.
In the past another ‘solution’ (which produces its own visual artifacts) was to do a test on points that were too close and if so, simply move the individual points to a safe Z value. It goes wrong if more than 2 points per quad have this happen (the quad collapses onto itself, but to be honest if more than 2 points need this, you might actually be able to cull it entirely), and if this happens at all, chances are the perspective distortion will not match up at the edges (a very Corona-only error, due to them adding perspective automatically).
Either way you are trading 1 set of mistakes for another, but ridiculously large polygons might not be a problem - it really depends on how they get drawn by the GPU, and I have no idea how good the culling is and in fact it might vary from device to device (or rather, GPU chipset to chipset) - my advice in general would be to try to avoid if possible, simply because the worst that can happen is you save nothing, but it *might* be beneficial 
Good luck with this whatever it is - looks like a proper 3D racing game?