It worked fine for me on the PC version, but yeah, it is loud. I think it's just the famous Logitech chatter tho.
As for the off center... ??? Is the wheel still working fine in other games? A little net research indicates this is quite possibly a hardware issue.
I switched to the T500RS about 3/4 way through the game (unrelated to performance, just lucked into a deal on one) and while it was quieter and stronger, I actually missed the light feel and easy to reach buttons of the G27. I was going to swap back until I tweaked the settings to my liking and swapped on the F1 wheel, and that made all the difference. But the G27 was plug and play... it's a great wheel.
...and the moral of the story is it should work fine.