A car rally timed to coincide with the anniversary of the murders of Christine and Amber Lundy in Palmerston North has been called off.

Victoria University student magazine Salient had planned to recreate the Petone to Palmerston North dash allegedly made by convicted double killer, husband and father Mark Lundy in 2000.

Police claimed Lundy made the return journey, reaching speeds of up to 150km/h, and committed the murders in less than three hours, but many have questioned whether it was achievable.

Lundy was serving a 20-year non-parole jail term for the murders and was now preparing a second appeal against his conviction.

The event, labelled the Lundy 500 "in a similar vein to the defunct Undie 500" was designed to draw attention to inconsistencies in the New Zealand legal system, Salient editor Jackson Wood said.

But the stunt had been met with a wall of opposition from police, the university, and the victims' family.

Mr Wood announced tonight that the Lundy 500, planned for August 29, had been called off.

He said he had spoken to family members this evening and had told them the event was cancelled.

He had also apologised to them for the hurt caused, he said.

The event was not intended to offend the Lundy family but to make a point about failures of the justice system, Mr Wood said.

The Lundy families' viewpoints had not been adequately taken into account before the event was announced, he said.

An upcoming issue of the student magazine still planned to take an in-depth look into the New Zealand justice system, Mr Wood said.