My goal was to make it look like the video from real races. So I switched back and forth between a race on the speed channel and the PS2 while I tuned the settings.
You can only adjust brightness and contrast from the pause menu, but in the config screen you can adjust much more. The color in the game appears unnaturally brilliant on most TV's, so the main thing is just to turn down the color saturation.
It wasn't difficult to make it look just like the speed channel. In fact, my friends often get confused as to whether I'm playing a race or watching a race until they look a little more carefully.
From doing LAN parties, I discovered that the correct settings vary pretty dramatically from one TV to another. So just posting my settings wouldn't help you.
- Skant