Patch 1.1 is out and you'll need it. There's also a cheat floating around that unlocks all cars and tracks if that's your thing.
As for wheel settings - just make sure you tick the 'reverse FF effects' box so FF is the right way around although I think there may be a profile built into the game that already has this. Apart from that, just play around until you like it. I've left almost everything stock, I think.