Re: Coin operated and risk/reward
The Tyrrell P34 six-wheeler achieved 1 win and 9 other podiums in 1976 (from 13 out of the 16 races), with Tyrrell finishing the constructors' championship in 3rd place. The following year they had 4 podiums in 17 races (and ended 5th in the constructors' championship). One of the reasons for abandoning the project was the lack of development on the custom tyres which were necessary. I'm not sure that qualifies as "wiped the floor with the competition".
Are you thinking of the Brabham BT46-B "Fan-car", which used a massive fan to suck air from underneath the car and increase downforce? I thought it was banned after 1 race (where it won easily), but Wikipedia states that it was withdrawn by the team principal (one Mr. B. Ecclestone) who feared political fallout from the other team leaders would weaken his influence on the sport.