Well, after trying the overhaul mod, i can say 'not bad' Combined with the suggested wheel settings in the readme file, its a damn site better than before. The annoying powersliding and tyre screeching is still there, and at certain points on track, i do reckon a real life car would be much more stable and less 'jumpy' at high speed.
As for me asking too much, i agree that making in-game adjustments isn't enough, but the overhaul mod has changed the way the game plays, so it can be tweaked IMO.