Welcome to GTPlanet. 👍 You'll be able to play the game just fine on your EU console; PS3 games are not region-locked.
Just be aware that if you wish to buy future DLC, you'll have to purchase it from the US PSN store too.
Was the Academy Edition released in the US? I thought it wasn't, which would mean it's an EU copy anyway, right?
No, I think you're right - I don't remember the Academy Edition being a US release. I thought that was what XL was.
It probably means that's where the wheel is being sent from, make sure to check both when they arrive (plug on the wheel and product code on game). If the wheel is from a different region you'll need a power adapter, but that shouldn't be too hard to find.