HPT, get a wheel if you can. I've always steered (no pun intended) clear of them until recently when I bit the bullet and bought a Logitech GT with pedals. Just under 80 quid from Argos and I've got to say my racing games have taken on a whole new meaning. I've also got my other half to get me a wheel stand pro to mount it on so I'm well set up for when GT5 drops through my letterbox.
Sounds like a plan my friend.
I have always rocked the GT series with a D-Pad, this is before Analogue existed here - so it's something I am very used to.
When GT5
I am currently looking at getting another wheel, ideally with a better shifter.
And, it's reasonable to expect me to have one sorted for when GT5 comes out