It took me many tries, but I finally got through it with a gold. I use a wheel, and speaking from that experience, brake gradually if you going from a high speed section to a corner (Wilson & Bacharach corners). Accelerate smoothly out of corners. (press the accelerator down slowly inch by inch until you feel more traction on the wheels then start flooring it roughly halfway pressed down). The brief straightaway between Wilson and Chicago is a good place to pass in the 1st lap to roughly 8th place. In the straight before the Hammerhead, brake late and take the lane inside during the straight (pass your opponents on their right). I usually get to roughly 6th or 7th by this point. On the Follow-Through, brake for the turn, and don't rush too hard back on the accelerator because you'll spin-out. On Bentley to Bacharach, you'll most likely get to 5th if you brake late enough, but be sure not to head into the turn too fast, or you'll DQ in the grass between Bacharach and Gambon. And don't try to push too hard at Gambon.
It's important to match the speed so that you don't ram into the AI because their braking timing is a little early. I usually take a slightly different driving line so that I'm in some position to overtake on the straights after a turn. Making sure you come out of the turn fast can be important to pass your next opponent on a straight. Remaining in control at all times is more important than trying to push it pass your opponent. If you feel like you're starting to spin out a bit while turning, don't be afraid to put your foot on the accelerator for a brief moment to regain traction, then go back to gradual braking to continue the turn.
I haven't tried it on the controller, so I don't know how hard it is, but I imagine, it's tougher. I think I used the default settings (TCS:5, ABS:1, No ASM)
