Auto transmission will have zero effect on your laptimes in any car where the HP peaks high up in the rev range.
@Adrenaline used auto and chase cam and he was one of the fastest drivers around in GT5. The only cars you will suffer in are cars like the Zonda C12 which peaks early in the rev range and drops off quickly.
He's very kind, but don't let
@Johnnypenso fool you, he was always right on my tail! =) I did eventually migrate over to manual transmission(for GT Academy a year ago I think?), but it was very rare that I ever found a difference 'on track'. If anything the early/late/double shifts actually cost me more time. It's not until I start racing ghosts, or doing time trials at a high level, in lower HP cars, that I would see a difference in AT and MT. If I recall, it was most notable at Daytona Road Course, where acceleration out of a corner that led into a long straightaway, I could visually see the ghost start to pull on me between gears. Even then, we're talking .1 to .3 in that sector.
Until you're at a level of consistency where you can even see that difference
in isolation of all other factors on the track, then I wouldn't even worry about it.
The main benefit of manual transmission, to me at least, was not lap times, it was the ability to alter the handling of your car while turning, using the gear box. Downshifting into a corner can help transfer weight without stressing/heating the brakes/tires of the car. Forcing the car to stay in a gear can help reduce understeer that an AT shifting up would give you on mid-corner to exit.
And Chase cam isn't ever going away, I don't care how much people hate! There's just too many advantages that being outside of the car can give you, both in regards to track placement, and even moreso when it comes to car placement when racing against others. It's a hard habit to break, as 3rd person has been ingrained in me since the first racing game I've ever played, 25 years later it's too late to switch now, and I feel too blind when using it. There's only so much feedback a game and a steering wheel can give you, whereas in a real car you can feel every corner of the car, and adjust. Chase cam allows you to 'see' the outside tire(s), and adjust as you would had you 'felt' what you 'saw'.
Everyone plays differently, at the end of the day it's a game, do what you enjoy. I can say though, that a racing rig (bought or built) will substantially increase your enjoyment of playing. It's the equivalent of going to an arcade and playing a racing game, or just sitting in front of a TV with a controller in your hand. Think back to when you were a kid, and how much better one was than the other. If you're a tall man at 6'8 you might want to look into the PVC custom built rigs, as you can obviously alter them in many different way to fit yourself. I made one out of some old 2x4s years and years ago now, before upgrading to a used Playseat I found on craigslist for less than $100.
Best of luck, and I hope to see some of you in Project Cars! (DriveClub isn't so great, but feel free to hit me up)
Edit: If you're buying a wheel, keep in mind that Logictech is not supported by PS4 at the moment, so for those who want to 'future proof' Thrustmaster is currently the way to go. Just food for thought.