The X2014 junior has 729 PP by default, despite only having 246 hp. This makes it a lot slower than my le mans cars (which incidentally have a lower PP). Its amazing handling doesn't justify its high PP. So what does?
Downforce, Drag(do we know this is accurately calculated or at all?), weight vs power might be good areas to research. Calculating it on a ficticious car might prove impossible.
The system works well enough for the majority of cars but struggles at the extremes. High HP, high downforce, high or low weight etc. I don't think you can make one system that works for every possible combination without tweaking the extreme ends.