One tip I was given for setting the controller up for the best launch is to set right stick down movement as the handbrake (I assume it works for left/right/up aswell) if you pull the right stick down very slightly then rev the engine the car will not move, but the handbrake icon in the HUD will display as off, then when you let go of the right stick the car seems to launch quicker than when launching from full brakes on.
It seems to work but I dont know for sure if it is quicker or if its just in my head, I dont use this method though as I have right stick up shift up, right stick down shift down. So I just launch with the handbrake (Circle for me) or slightly pressing the brakes (L2) so the red bar is under half way full.