For anything with movement like that, use Shutter Priority and let Auto Iso take the strain. You want to be at about 1/1000th sec as your starting point to freeze the action. Oh, and "Ch" shooting, obviously!
I normally shoot RAW and AV, but for Action shots I have these settings filed-away on bank D, and work very well. Only problem I had was with shooting my black&white dog against muddy snow, the auto-WB came up with some funny results sometimes that weren't too easy to fix in post, but for machine-gunning pictures jpg saves a lot of time!
JPEG, Picture Control VIVID-03 (Sharpening 7, Sat +2, Hue -2), Auto ISO 6400 (min 1/250)
With no pretentions as to the artistic or techinical virtue of my pics : Doggy ones
here (handheld - but I think I overdid the sharpening though), and some better cycling pictures
here (monopod). All with 70-200 VR II. And in case you are still worried about letting the ISO up itself automagically,
this helicopter was taken handheld, in dreadful light, wind & rain, with a x2 extender, at max length...
p.s.
all of which reminds me - it bugs the hell out of me that we have to change both Shooting Bank and Custom Setting Bank, plus about 5 levers, to flip from (say) Portrait to Sport...why don't they just have 4 buttons to recall entire setups with one touch....