I did get to 360 MPH with the Toyota GT1. I don't have video proof, not even an image... But instead I'll post my settings.
R5 Tires
Full power NOS
Front suspension-
Spring rate - 20.00
Ride Height - MAX
Shock Bound - MAX
Shock Rebound - MAX
Stabilizers - MIN
Rear suspension-
Spring rate - 4.0
Ride Height - MIN
Shock Bound - MIN
Shock Rebound - MIN
Stabilizers - MIN
Downforce-
Front - 38
Rear - 88
Transmission -
5th gear is out of the screen and 4th is about halfway off the screen (you might have to use the tranny trick for this one)
Driving- There's s much understeer you'll hit the wall a tad after the turn, so stay on the inside. Get the car completely straight because it'll do a wheelie and you won't be able to steer... I know this is "breaking the rules" a bit, but that means there's no need for proof.
If someone improves on these settings, please post them, because I got a need for speed
Oh yes, the this works on all the pro race cars, like the Minolta and the R92CP, and not to mention the R8 and the Bentley.
EDIT: Just upped the speed to 362.74 MPH.