initial - the amount of TQ required to activate the LSD... important to note this actually works in reverse as it relates to the "number".
accel - the amount the left and right tires "lock" together under acceleration
decel - the amount the left and right tires "lock" together under deceleration.
Initial;
the lower the value, the less TQ it takes to activate the accel and decel settings.
Set it low and the diff will work well under deceleration, set it high and the diff has less "activation" under deceleration.
Set it low and the diff will activate under slight throttle application... set it high and it takes much more TQ/throttle to activate the diff.
Always remember that you want the diff to be active (assuming you have accel and decel dialed in) with minimal throttle/deceleration/brake.
First off, 5 vs 60 in the settings is a ratio of allowable slip within the diff.
5 allows much slip, 60 a lows essentially no slip... "60" should really be 100 to represent 100% lock across the driven axle.
This "lock" is not relative to the pavement, this is relative to the slip across the driven axle (t-case).
While it can enhance/reduce traction is is not a form of managed traction control, it is purely controlling slip ratio from the left to right... or in the form of a t-case front to rear.
Accel;
In a straight line you want this set to the max... essentially locking the left and right tires together ensuring that they both spin at the same speed, providing equal power to both tires...
but...
the higher the value, the more the car will push the front during throttle (provided it is not overpowering the tires), on corner exit... it will invoke understeer. With a high setting, the left and right tires are "locked" together and as such they want to go straight.
If the car has enough power to overcome traction, it's a recipe for oversteer city... at the snap of a finger.
The lower the value the more it will allow the inside tire (unweighted) to spin relative to the outside tire (weighted).
This provides more efficient cornering (as the left and right tires are traveling different -differential- distances), but, will allow slip across the diff and let the inside tire spin a little before distributing power across the axle to the weighted tire... the one with traction.
Set the value too low, and the car will corner very stable, but will suffer for "drive-off" with the inside tire spinning to much relative to the outside/weighted tire. But it will be stable on power out of a corner.
Decel works much the same, but replace corner exit with corner entry...
In a straight line you want the axle locked up (60) to create stability, however as you turn-in, the driven axle will still want to go straight... causing turn-in and especially lift-off oversteer(rwd) or lift off understeer(fwd)... not good with a car that excels under trail braking, or on a track that requires trail braking.
It can also cause some really odd dynamics if you "snap" off the brake vs gently releasing it... dependent upon your "initial" value will effect just how dramatic.
Accel and decel are independent of one another.
Accel and decel are 100% manipulated through initial.
The settings in AC are a perfect recipe for a tail happy car... be it on turn in easing off the brake or on corner exit applying throttle. Yes, it should work good in a straight line.
The settings in GTS are decent for a car that needs to trail brake and roll the throttle down on corner exit... while not optimal, better for actually racing than AC's settings.
Ideally you want initial set low so the diff is active pretty much always... but, you then must have accel and decel dialed darn near perfect.
The less dialed in accel and decel are, the more you may want to delay diff activation by increasing the TQ required to make it function.
Now...
All of this is directly related to chassis roll, tire selection and engine power delivery characteristics...
Enjoy.