I raced my first 3 races without TCS and SRF (only ABS=1) and that with a DS3
=> If I can do that it is for you "Wheelers" doable.
Therefore I don´t understand why banning TCS and allowing SRF. SRF gives you 3-5seconds (see my Times at TM). Furthermore it makes this Car an easy all-day cruiser (a bit exaggerated). But you already know my opinion about SRF rhyf
And the excuse with Ferrari was the reason why FGT gets less Downforce doesn´t count, because F1 Cars get more DF every year although FIA restricts them. And the FGT is a F1 Car with a "Base" of 2004 ?? => it has less Downforce then the Real F1´s.
Penalties: I would say turn them off. We are all clean and fair drivers and if 2-3 people "act" as Stewards and watch the Replay, we are good.
Penalty-system has some flaws example:
You get divebombed before your turn-in-point and you turn in but there is the fool who is recless and so you touch/ramm him the system penalizes you insted off the Divebomber.
Without Penalties but with Stewards he gets a "Yellow-Card" and if this happens again he gets a Penalty (Last place start as example).
The Stewards get "paid" with paints/horns/cars (just an example).
Damage:
If heavy it would make you stay focused all the time and you would have no rest.
I for myself like the weak damage because it doesn´t ruin your race that much espacially if you get a "slight" bump and it causes you into the Barricades and the other one can drive with no issue.
Tracks:
Are ok Suzuka is missing

But an Oval would just add an extrem close Race. Espacially at Daytona where you can hammer the Throttle throughout the whole lap (Indy too I know but Road-course is already in)

100 Laps fly by like nothing and all competitors would be in one second xDD
Tires:
Maybe we could force you to use two compounds (RH and RS or other two combo

) but that would be too much for the Stewards to control (just a tiny idea from me)
B2 Cape-Ring: I hate this Track so maybe I´ll set this race out. The Inner-Track is cool but the whole thing is just to artificial (no flow for me) (just a thought maybe I´ll start but without testing)