I have been racing in the Formula GT Championship for quite a lot of times. I actually used to have 8 different setup for them. (I'll skip the Super Speedway and the Test Course, because they are just stupid and boring, I don't know why they put it there) From what I know, the traction control can help and make the tires last longer, but if you set it too high, the car is going to be slow.
I couldn't find my Seattle setting, but this is the regular setting for my F094S
Spring Rate:
18.5 Front, 18.5 Rear
Ride Height:
45mm Front and Rear
Shock Bound:
Lv6 Front and Rear
Shock Rebound:
Lv7 Front and Rear
Camber Angle:
1.2 Front, 1.6 Rear
Toe Angle:
0.0 Front, -1.0 Rear
Brake Balance:
Lv24 Front and Rear
LSD:
Initial Torque 16
Acceleration 42
Deceleration 27
Gear Ratio:
Auto Level 34
Adjust 5th to 1.559
Adjust 6th to 1.267
Adjust Final Gear to 4.300
Downforce:
0.90 Front, 1.50 Rear
ASM Lv0 (off)
TCS Lv1
This setting work for most of the track (For different track, I usually just change the Gear Ratio, and that's it), because it is a formula car, you gotta set it and drive it like one. The car is stiff, I put more camber on the rear to prevent too much oversteer, the toe angle will help cornering when you lift. The Brakes are all the way to Lv24, later and harder braking means faster (That's why Schumacher is fast). With my Gearing the top speed is 209.5mph, and the downforce is really important for a formula car, because you need to have downforce to push your car down when you cornering, otherwise the car is not going to be stable at the turn-in and exit. I hit 1'11.580 in Tokyo 246, and 1'00.051 in Apricot Hill with this setting. Of coz the most important thing is you need to take your line and touch the kerb right, don't hit anything, don't spin, no sliding, don't go out to the gravel. Then you don't even need to worry about the other cars pitting strategy, because you are already fast enough.