I have been racing for a 1.5 years now using a old sidewinder wheel that must be over 10 year old. With that i've been to blue grade with F2's and f1's and red with another mod not on here. a few things i have learnt are;
1. less is more - dont aim to the be the fastest. Take corners slower and tight to the kerbs and you can easily be quicker.
2. Again, dont try being the fastest - a good consistant time goes along way.
3. Be very smooth especially with the F1's. Slowly apply the power and same with brakes, being smooth can also knock that time down.
4. Having a setup from a fast guy may not make you any faster. Everyones driving style is different. Like the guys have said above, use the defaults and then make small tweaks as required.